11 September 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 second charge mortgage market reported new business 14% lower by both value and volume in July, reflecting more cautious consumer sentiment given the current economic environment. The average advance in July was £46,759, a similar level to the same month in 2022.”
“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
|
Jul 2023 |
% change on prev. year |
3 months to Jul 2023 |
% change on prev. year |
12 months to Jul 2023 |
% change on prev. year |
Value of new business (£m) |
126 |
-14 |
381 |
-7 |
1,483 |
5 |
Number of new agreements (No.) |
2,689 |
-14 |
8,258 |
-7 |
32,137 |
2 |
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 £151 billion of new finance to UK businesses and households. £116 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.