Second charge mortgage new business volumes grew by 18% in October 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 continued to report strong growth in October, with new business volumes in excess of 3,000 agreements for a fourth consecutive month. The distribution by purpose of loan in October showed 57% of new agreements were for the consolidation of existing loans, 15% 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