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Second charge new business up 8%: FLA

There were 2,295 new second charge agreements made in January, says the Finance and Leasing Association (FLA).

This is 8% more than in January 2022, it adds.

Meanwhile, the value of new business stood at £103m, which is 14% more than the year previous.

The FLA also notes that new agreements made numbered 33,951 in the 12 months to January – a 27% annual increase – and the value of new business came to £1.57bn, a 37% rise on the year.

FLA director of research and chief economist Geraldine Kilkelly says: “The second charge mortgage market made a positive start to 2023, with growth in both the value and volume of new business.

“The distribution by purpose of loan in January showed 61% of new agreements were for the consolidation of existing loans, 14% for home improvements, and a further 20% for both loan consolidation and home improvements.”

And Freedom Finance chief growth officer Andrew Fisher comments: “Many of the economic tailwinds that drove substantial growth through last year remain strong, with rising rates making re-mortgaging an unattractive option for those on longer-term fixed-rate deals.

“Debt consolidation is another significant driver for the second charge market as people look to re-finance more expensive borrowing.”

The post Second charge new business up 8%: FLA appeared first on Mortgage Strategy.

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Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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