Second charge mortgages grow by 42%

17th May 2022

New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes have grown by 42%.

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 “New business volumes in the second charge mortgage market in March reached their highest level since September 2008.  The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.”

“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”

 New second charge mortgage lending

Mar 2022

%

 change on prev. year

3 months to Mar 2022

% change on prev. year

12 months to Mar 2022

% change on prev. year

Value of new business (£m)

139

53

349

59

1,240

89

Number of new agreements (No.)

3,058

42

7,834

51

28,526

79