Second charge mortgage new business volumes fell by 10% in 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:

“The lower new business volumes reported by the second charge mortgage market in February reflected weaker economic conditions compared with the same time last year. The distribution by purpose of loan in February showed 61% of new agreements were for the consolidation of existing loans, 12% 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

 Note to editors: 

1. 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.
2. 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.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.