10 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 reported another strong performance in August, with annual new business volumes 5% higher than pre-pandemic. The distribution by purpose remained in line with recent months: 54% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 25% 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
|
Aug 2022 |
% change on prev. year |
3 months to Aug 2022 |
% change on prev. year |
12 months to Aug 2022 |
% change on prev. year |
Value of new business (£m) |
153 |
61 |
430 |
45 |
1,465 |
53 |
Number of new agreements (No.) |
3,179 |
37 |
9,160 |
30 |
32,441 |
42 |
Note to editors:
- FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
- In 2021, FLA members provided £132 billion of new finance to UK businesses and households. £101 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2021.
- FLA policy priorities for 2022 and beyond may be found here.
- For media enquiries, please contact the FLA press office on 020 7420 9656.