14 June 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 a further fall in new business volumes in April as uncertainty about the economic outlook continued. The distribution by purpose of loan in April showed 59% of new agreements were for the consolidation of existing loans, 13% 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
|
Apr 2023 |
% change on prev. year |
3 months to Apr 2023 |
% change on prev. year |
12 months to Apr 2023 |
% change on prev. year |
Value of new business (£m) |
99 |
-23 |
328 |
-15 |
1,512 |
18 |
Number of new agreements (No.) |
2,184 |
-22 |
7,335 |
-14 |
32,766 |
11 |
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 £150 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.