Second charge mortgage new business volumes grew by 43% in May 2022

6 July 2022

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 returned to more normal levels of new business since June 2021.  We expect new business to continue to grow in the coming months but at a slower rate. Annual new business volumes in May were 2% lower than the pre-pandemic peak.”

“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


May 2022


 change on prev. year

3 months to May 2022

% change on prev. year

12 months to May 2022

% 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 2021, FLA members provided £132 billion of new finance to UK businesses and households. £101 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2021.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.


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