Second charge mortgage new business volumes grew by 37% in August 2022, the latest figures from the Finance & Leasing Association (FLA) reveal.
There was £153m of new business written over the month across a total of 3,179 deals.
Fiona Hoyle (pictured), director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported another strong performance in August, with annual new business volumes 5% higher than pre-pandemic.
| Aug 2022 | % change on prev. year | 3 months to Aug 2022 | % change on prev. year | 12 months to Aug 2022 | % change on prev. year | |
| Value of new business (£m) | 153 | 61 | 430 | 45 | 1,465 | 53 |
| Number of new agreements (No.) | 3,179 | 37 | 9,160 | 30 | 32,441 | 42 |
“The distribution by purpose remained in line with recent months: 54% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 25% 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.”
