Second charge mortgage new business volumes grew by 17% in February 2024

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 has made a positive start to 2024 as new business volumes increased by 10% in the first two months of this year compared with the same period in 2023. In the twelve months to February 2024, new business volumes were 8% lower than in the same period in 2023.  

“The distribution by purpose of loan in February 2024 showed that 60% of new agreements were for the consolidation of existing loans, 13% 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 2023, FLA members provided £151 billion of new finance to UK businesses and households. £113 billion of this was in the form of consumer credit, representing almost 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.