Second charge mortgage volumes increase by 59%

New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 2022.
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 “In February, the second charge mortgage market reported its highest monthly level of new business volumes for two years and has now returned to pre-pandemic levels of new business by both value and volume.”

“As consumers face higher prices and pressure on disposable incomes, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

New second charge mortgage lending

	Feb 2022	%  change on prev. year	3 months to Feb 2022	% change on prev. year	12 months to Feb 2022	% change on prev. year
Value of new business (£m)	119	70	309	60	1,192	80
Number of new agreements (No.)	2,660	59	6,950	50	27,624	72