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 returned a strong performance in the first quarter of 2024 with new business growth in each month of the quarter. In Q1 2024 overall, new business increased 14% by value and 8% by volume compared with Q1 2023. 

“The distribution of new business by purpose of loan in Q1 2024 showed that the proportion of new agreements which were either solely or in part for the consolidation of existing loans held relatively steady at 82% compared with the same quarter in 2023. 

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.” 

Table 1: New second charge mortgage lending

Source:  FLA