Second charge mortgage grows by 27%

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 27% in September 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 a third consecutive month of double-digit new business growth by both value and volume in September boosted by the lower interest rate environment. In the nine months to September 2024, new business volumes were 16% higher than in the same period in 2023.

“The distribution of new business by purpose of loan in September showed that the proportion of new agreements which were for the consolidation of existing loans was 58.1%; for home improvements and the consolidation of existing loans was 23.3%; and for home improvements only was 12.1%.”

	Sep 2024	%  change on prev. year	3 months to Sep2024	% change on prev. year	12 months to Sep2024	% change on prev. year
Value of new business (£m)	149	37	464	31	1,609	14
Number of new agreements (No.)	3,105	27	9,618	23	34,059	10