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

“June saw a return to growth in the second charge mortgage market as new business increased by value and volume for the first time since January this year. The distribution by purpose of loan in June showed 58% 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 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.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.