Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (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.
“The distribution of new business by purpose of loan in Q1 2024 showed that the proportion of new agreements which 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.”
Table 1: New second charge mortgage lending
Source: FLA
Consumer finance new business grew by 2% in January 2024
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2024 by 2% compared with the same month in 2023. In the twelve months to January 2024, new business was 2% lower than in the same period in 2023.
Unsecured debt at its highest level for a decade
Latest analysis by StepChange Debt Charity has revealed that there is growing financial insecurity among its clients, with the average person coming to the charity for help having more debt and less money to pay towards it each month.
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