Second charge mortgage new business volumes grew by 29% in September 2022 as the market posted another strong performance, according to the latest figures from the Finance & Leasing Association (FLA).
A total of 3,138 new agreements were made during the month totalling £145m, which itself was a 42% uplift on September last year.
Fiona Hoyle (pictured), director of consumer & mortgage finance and inclusion at the Finance & Leasing Association, said: “The second charge mortgage market returned another strong performance in September with further double-digit growth in new business by both value and volume.
“The distribution by purpose of loan in September showed 57% of new agreements were for the consolidation of existing loans, 15% for home improvements, and a further 22% 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.”
