Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Second Charge Mortgage Volumes Up 9% in June, Reports FLA

The number of new second charge mortgage agreements rose by 9% year-on-year to 3,828 in June, according to figures from the Finance & Leasing Association (FLA). The value of new business increased 16% annually to £205 million, up from £175 million in the previous month.

Over the three months to June, the value of second charge mortgage business was up 18% to £571 million, with the number of agreements increasing 9% to 10,577. For the 12 months to June, the value of business rose 27% to £2.4 billion, and new agreements increased 18% to 44,725.

The FLA noted that loan consolidation accounted for at least 60% of new second charge mortgage business. The association also referenced a recent review by the Financial Conduct Authority, stating that the FLA and its members are considering the findings with a focus on supporting good outcomes for customers.

These trends may be relevant for UK letting agents and inventory clerks monitoring changes in homeowner borrowing and refinancing activity, as shifts in mortgage products can impact tenant and landlord financial planning.