Second charge mortgage grow by 25% in July

New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes grew by 25% in July 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 July as consumers have become more confident in recent months about the economic outlook. This contributed to double-digit growth in new business volumes of 14% in the first seven months of 2024 compared with the same period in 2023.

“The distribution of new business by purpose of loan in July showed that the proportion of new agreements which were for the consolidation of existing loans was 58.8%; for home improvements and the consolidation of existing loans was 21.6%; and for home improvements only was 12.6%.”

New second charge mortgage lending

	Jul 2024	%  change on prev. year	3 months to Jul 2024	% change on prev. year	12 months to Jul 2024	% change on prev. year
Value of new business (£m)	163	30	450	18	1,537	4
Number of new agreements (No.)	3,364	25	9,340	13	32,949	3