Second charge mortgage new business volumes grew by 8% in January 2023

Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Director of Research and Chief Economist at the Finance & Leasing Association (FLA), said: “The second charge mortgage market made a positive start to 2023, with growth in both the value and volume of new business.  The distribution by purpose of loan in January showed 61% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 20% 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