17 February 2023
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:
“In December, the second charge mortgage market reported its first monthly fall in new business since March 2021. Despite this, new business volumes in 2022 as a whole, at 33,772 agreements, was the highest annual total since 2008. The distribution by purpose of loan in December showed 58% of new agreements were for the consolidation of existing loans, 14% 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
|
Dec 2022 |
% change on prev. year |
3 months to Dec 2022 |
% change on prev. year |
12 months to Dec 2022 |
% change on prev. year |
Value of new business (£m) |
99 |
0 |
372 |
15 |
1,557 |
40 |
Number of new agreements (No.) |
2,106 |
-3 |
7,932 |
9 |
33,772 |
31 |
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 2022, FLA members provided £148 billion of new finance to UK businesses and households. £115 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2022.
- For media enquiries, please contact the FLA press office on 020 7420 9656.