Second charge mortgage new business volumes grew by 9% in November 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 further growth in new business in November but at a slower rate than we have seen for much of 2022 when the market was recovering from the pandemic. The distribution by purpose of loan in November showed 59% of new agreements were for the consolidation of existing loans, 13% for home improvements, and a further 23% 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