Second charge business value rises 11% YOY to £137m in March – FLA

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  • 14/05/2024
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Second charge business value rises 11% YOY to £137m in March – FLA
Second charge business volumes came to 2,894 in March, a 5% rise on the same period last year, data shows.

According to the Finance and Leasing Association (FLA), the value of new second charge business in March stood at £137m, an increase of 11% on last year.

In the three months to March, the value of new second charge business stood at £379m, and the number of new second charge agreements came to 8,064. This is a 14% and 8% rise year-on-year (YOY) respectively.

The FLA said that, in the 12 months to March 2024, the value of new second charge business stood at £1,4bn, while the number of new second charge agreements was pegged at 31,084. The figures are 7% down on the previous year.

Fiona Hoyle (pictured), director of consumer and mortgage finance and inclusion at the 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.”

She added: “The distribution of new business by purpose of loan in Q1 2024 showed that the proportion of new agreements [that] 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.”

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