Second charge mortgage new business volumes grew by 48% in April 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 reported another strong performance in April, with annual new business volumes only 4% below the pre-pandemic peak. Of the total new agreements written in April, 53% were for the consolidation of existing loans, 16% for home improvements, and a further 25% were for both loan consolidation and home improvement.

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”