Second charge mortgages increase by 43%

New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 43% in May 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 “The second charge mortgage market has returned to more normal levels of new business since June 2021.  We expect new business to continue to grow in the coming months but at a slower rate. Annual new business volumes in May were 2% lower than the pre-pandemic peak.”

“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

	May 2022	%  change on prev. year	3 months to May 2022	% change on prev. year	12 months to May 2022	% change on prev. year
Value of new business (£m)	133	53	399	53	1,331	73
Number of new agreements (No.)	2,873	43	8,733	44	30,302	63