Second charge mortgage volumes have fallen by 14% in July 2023, according to the latest business figures for the second charge market.
During July, the value of new business in the second charge market was found to be £126m, a 14% drop when compared to the year previous.
What’s more, the number of new agreements was recorded at 2,689, marking another annual drop of 14%.
Fiona Hoyle (pictured), director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported new business 14% lower by both value and volume in July, reflecting more cautious consumer sentiment given the current economic environment.
“The average advance in July was £46,759, a similar level to the same month in 2022.”
She added: “As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
