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) |
103 |
14 |
333 |
9 |
1,570 |
37 |
Number of new agreements (No.) |
2,295 |
8 |
7,218 |
5 |
33,951 |
27 |
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 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.
- For media enquiries, please contact the FLA press office on 020 7420 9656.