Second charge mortgage new business volumes fell by 13% in October 2023

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 13% in October 2023.

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “Recent trends in the second charge mortgage market reflect a strong performance last year that has not been sustained during 2023 and the subdued economic outlook.”

“The distribution by purpose of loan in October showed that  61% of new agreements were for the consolidation of existing loans, 12% for home improvements, and a further 23% for both loan consolidation and home improvements.”

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”

	Oct 2023	%  change on prev. year	3 months to Oct 2023	% change on prev. year	12 months to Oct 2023	% change on prev. year
Value of new business (£m)	122	-15	351	-20	1,393	-10
Number of new agreements (No.)	2,627	-13	7,771	-17	30,582	-9