Second charge mortgage volumes fall by 10%

10th May 2023

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 10% in March 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 “March saw the second charge mortgage market report its highest level of new business so far this year and the first quarter ended with new business volumes only 5% lower than in Q1 2022.  The distribution by purpose of loan in March showed 58% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 22% 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.”

New second charge mortgage lending

Mar 2023


 change on prev. year

3 months to Mar 2023

% change on prev. year

12 months to Mar 2023

% change on prev. year

Value of new business (£m)







Number of new agreements (No.)