Second charge mortgage new business volumes grew by 8% in January 2023

9 March 2023

Commenting on the latest new business figures for the second charge mortgage market, Geraldine Kilkelly, Director of Research and Chief Economist at the Finance & Leasing Association (FLA), said:

“The second charge mortgage market made a positive start to 2023, with growth in both the value and volume of new business.  The distribution by purpose of loan in January showed 61% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 20% 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


Jan 2023


 change on prev. year

3 months to Jan 2023

% change on prev. year

12 months to Jan 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 2022, FLA members provided £148 billion of new finance to UK businesses and households. £115 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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