Second charge mortgage new business volumes fell by 3% in December 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 December, the second charge mortgage market reported its first monthly fall in new business since March 2021.  Despite this, new business volumes in 2022 as a whole, at 33,772 agreements, was the highest annual total since 2008. The distribution by purpose of loan in December 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.”

Table 1: New second charge mortgage lending