Second charge mortgage new business volumes grew by 42% in March 2022, according to the latest figures from the Finance & Leasing Association (FLA).
Additionally the value of new business was also up hitting £139m, a 53% uplift on the previous year.
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “New business volumes in the second charge mortgage market in March reached their highest level since September 2008.
“The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”
| Mar 2022 | % change on prev. year | 3 months to Mar 2022 | % change on prev. year | 12 months to Mar 2022 | % change on prev. year | |
| Value of new business (£m) | 139 | 53 | 349 | 59 | 1,240 | 89 |
| Number of new agreements (No.) | 3,058 | 42 | 7,834 | 51 | 28,526 | 79 |
