Second charge mortgage new business volumes fell by 9% in May 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:

“May saw the second charge mortgage market report its second highest level of new business in 2023 so far, but volumes continued to be lower when compared to the same month in 2022. The distribution by purpose of loan in May showed 58% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 23% 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 £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.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.