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 reported growth in each month of 2024, with new business volumes up by 17% in 2024 overall to reach almost 36,000 new agreements. This was the highest annual total since 2009.

“The distribution of new business by purpose of loan in 2024 was in line with the previous year, with the proportion of new agreements which were for the consolidation of existing loans at 59.0%; for home improvements and the consolidation of existing loans at 22.9%; and for home improvements only at 12.5%.

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”

Source:  FLA