Second charge mortgages grew by 5% in March

15th May 2024

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 5% in March 2024

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.”

New second charge mortgage lending

Mar 2024

change on prev. year

3 months to Mar 2024

% change on prev. year

12 months to Mar 2024

% change on prev. year

Value of new business (£m)

137

379

1,429

-7

Number of new agreements (No.)

2,894

8,064

31,084

-7

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Second charge mortgages grew by 5% in March

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