New business volumes drop by 14% year on year
The second charge mortgage market saw a drop in new business figures in July 2023, the Finance & Leasing Association (FLA) has reported.
The FLA’s latest figures for the second charge mortgage market show that new business volumes fell by 14% year on year to 2,689.
Despite this, new business volumes in the 12 months to July 2023, at 32,137 agreements, was 2% higher than new business volumes of the previous year.
The latest figures from the FLA show that second charge mortgage new business volumes fell by 14% in July 2023. Read here https://t.co/JNb3cmJ5FU
— Finance & Leasing Association (@_F_L_A) September 11, 2023
“The second charge mortgage market reported new business 14% lower by both value and volume in July, reflecting more cautious consumer sentiment given the current economic environment,” commented Fiona Hoyle (pictured), director of consumer and mortgage finance and inclusion at the Finance & Leasing Association. “The average advance in July was £46,759, a similar level to the same month in 2022.”
Hoyle earlier said that while customers were understandably cautious about discretionary spending, second charge mortgages remained a valued product for those who did not want to disturb an existing first charge interest rate that was lower than remortgaging in the current climate.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution,” she advised.
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