Second charge mortgage figures grow by 16%

New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 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 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%.”

New second charge mortgage lending

	Dec 2024	%  change on prev. year	3 months to Dec 2024	% change on prev. year	12 months to Dec 2024	% change on prev. year
Value of new business (£m)	130	35	458	34	1,726	25
Number of new agreements (No.)	2,505	16	9,086	22	35,711	17