Second charge mortgage volumes increased by 17% in November 2024

17th January 2025

New figures released by the Finance & Leasing Association (FLA) show that consumer second charge mortgage new business volumes grew by 17% in November 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 has reported growth in each month so far in 2024 and double-digit new business growth by both value and volume in every month since July 2024. In the eleven months to November 2024, new business volumes were 17% higher than in the same period in 2023.

“The distribution of new business by purpose of loan in November 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 23.4%; and for home improvements only was 11.3%.”

New second charge mortgage lending

Nov 2024 %

 change on prev. year

3 months to Nov 2024 % change on prev. year 12 months to Nov 2024 % change on prev. year
Value of new business (£m)            159 29            476 35         1,692 22
Number of new agreements (No.) 3,103 17 9,686 26 35,367 16