Second charge mortgage new business volumes grew by 3% in June 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:

“In June, the second charge mortgage market reported the highest number of new agreements since September 2022 which meant the market grew each month in the first half of 2024.  New business by value and volume grew in the first six months of 2024 overall by 17% and 12% respectively, compared with the same period in 2023.

“The distribution of new business by purpose of loan in the first half of 2024 showed that the proportion of new agreements which were for the consolidation of existing loans was 59.2%; for home improvements and the consolidation of existing loans was 23.1%; and for home improvements only was 12.5%.

“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 2023.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.