Second load of new mortgage business up 45% in August: FLA
The volume of new second mortgage business increased by 45% in the year to August 2022, according to the latest figures from the Finance and Leasing Association (FLA).
The total number of new deals in August was 3,179, worth £153m, representing a 37% increase on the previous year.
Of the new deals, 54% were for consolidation of existing loans, 15% for home improvements, and 25% were for both loan consolidation and home improvement.
For the three months to August, 9,160 new second charge deals were completed, worth £430m.
The numbers rose for the 12-month period to August 2022, with 32,441 worth a total of £1,465 million, representing a 53% increase in value over the previous 12 months.
Fiona Hoyle, Finance & Leasing Association (FLA) Consumer Goods and Mortgage Finance and Inclusion Director, said: “The second mortgage market posted another strong performance in August, with annual new business volumes 5% higher than before the pandemic.
“The breakdown by purpose remained consistent with recent months: 54% of new deals were for consolidating existing loans, 15% for home improvement, and a further 25% for loan consolidation and home improvement. habitat.”
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a resolution.”