20 June 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 reported another strong performance in April, with annual new business volumes only 4% below the pre-pandemic peak. Of the total new agreements written in April, 53% were for the consolidation of existing loans, 16% for home improvements, and a further 25% were for both loan consolidation and home improvement.”
“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
|
Apr 2022 |
% change on prev. year |
3 months to Apr 2022 |
% change on prev. year |
12 months to Apr 2022 |
% change on prev. year |
Value of new business (£m) |
127 |
54 |
385 |
58 |
1,285 |
83 |
Number of new agreements (No.) |
2,802 |
48 |
8,520 |
49 |
29,432 |
72 |
Note to editors:
- 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.
- 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.
- For media enquiries, please contact the FLA press office on 020 7420 9656.