Second charge mortgage volumes fall by 22%

New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes fell by 22% in April 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 “The second charge mortgage market reported a further fall in new business volumes in April as uncertainty about the economic outlook continued. The distribution by purpose of loan in April showed 59% of new agreements were for the consolidation of existing loans, 13% 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

	Apr 2023	%  change on prev. year	3 months to Apr 2023	% change on prev. year	12 months to Apr 2023	% change on prev. year
Value of new business (£m)	99	-23	328	-15	1,512	18
Number of new agreements (No.)	2,184	-22	7,335	-14	32,766	11