Second charge lending falls by 14% in July: FLA
The number of new agreements fell to 2,689 over the month.
"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."
Second charge mortgage new business volumes fell by 14% in July, following a return to growth in June, the latest figures from the Finance & Leasing Association (FLA) show.
Second charge lending was down 14% by both value and volume in July compared to the same month in 2022.
On a quarterly basis, lending fell 7% by value and volume in the three months to July compared to the same three months a year earlier.
However, on an annual basis, lending in the 12 months to July remains 5% higher by value and 2% higher by volume compared to the previous year.
Fiona Hoyle, director of consumer and mortgage finance and Inclusion at the FLA, said: “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. The average advance in July was £46,759, a similar level to the same month in 2022.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
FCA
Advice firm employees plead guilty after defrauding clients of £2m
FCA
FCA restricts six lenders over anti-money laundering concerns
Inflation
Inflation rises to 3.5% as mortgage rates outlook shifts
Atom Bank
Try Mortgage Network adds Atom Bank to residential mortgage panel
Regulation
FCA and PRA confirm final rules for removal of high-LTI mortgage cap
Rightmove
Mortgage rates hit asking prices outside London: Rightmove
