Second charge mortgage new business volumes were up 29% in July 2022 when compared to the same month in 2021, according to the latest figures from the Finance & Leasing Association (FLA).
The value of new business in the month stood at £146m, up 45% on the same period in 2021.
Fiona Hoyle (pictured), director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “In July, the second charge mortgage market reported its highest monthly new total for new business volumes since September 2008.
“Of the total new agreements written in July, 54% were for the consolidation of existing loans, 15% for home improvements, and a further 26% were 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.”
