New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 2024.
Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The second charge mortgage market has made a positive start to 2024 as new business volumes increased by 10% in the first two months of this year compared with the same period in 2023. In the twelve months to February 2024, new business volumes were 8% lower than in the same period in 2023.
“The distribution by purpose of loan in February 2024 showed that 60% of new agreements were for the consolidation of existing loans, 13% for home improvements, and a further 23% 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.”
New second charge mortgage lending
|
Feb 2024 |
% change on prev. year |
3 months to Feb 2024 |
% change on prev. year |
12 months to Feb 2024 |
% change on prev. year |
|
| Value of new business (£m) |
130 |
22 |
339 |
10 |
1,415 |
-9 |
| Number of new agreements (No.) |
2,819 |
17 |
7,331 |
8 |
30,935 |
-8 |
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