Second charge mortgage new business volumes grew by 3% in December 2023

13 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:

“December saw the second charge mortgage market report growth in new business volumes for the first time since June 2023 and for only the third time during last year.  In 2023 overall, new business volumes were 10% lower than in 2022. 

“The distribution by purpose of loan in 2023 showed that 59% of new agreements were for the consolidation of existing loans, 12% 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


Dec 2023


 change on prev. year

3 months to Dec 2023

% change on prev. year

12 months to Dec 2023

% change on prev. year

Value of new business (£m)







Number of new agreements (No.)








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 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.


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