Second charge business down in December but up for 2022, says FLA – Mortgage Finance Gazette

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There were 2,106 new agreements in December 2022 and despite the fall from the same month in 2021, the number of new agreements rose both on a quarterly basis to 7,932 ( up 9%) and an annual basis to 33,772 (31%).

The volume of second charge new business was worth £99m in December, no change on the same month the previous year, though it was worth £372m for the three months to December, representative of a 15% rise on the previous quarter, and £1,557m for the full 12 months of 2022, up 40% on the previous annual total.

Speaking of the figures, FLA director of consumer and mortgage finance and inclusion Fiona Hoyle says: “In December, the second charge mortgage market reported its first monthly fall in new business since March 2021.

“Despite this, new business volumes in 2022 as a whole, at 33,772 agreements, was the highest annual total since 2008. The distribution by purpose of loan in December showed 58% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 22% 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.”

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