Second charge mortgages grow by 16%

10th October 2024

New figures released by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes grew by 16% in August 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 its eighth consecutive month of new business growth by both value and volume in August following a subdued performance during 2023. In the eight months to August 2024, new business volumes were 14% higher than in the same period in 2023.

“The distribution of new business by purpose of loan in August showed that the proportion of new agreements which were for the consolidation of existing loans was 59.4%; for home improvements and the consolidation of existing loans was 21.4%; and for home improvements only was 13.5%.”

New second charge mortgage lending

Aug 2024 %

 change on prev. year

3 months to Aug 2024 % change on prev. year 12 months to Aug 2024 % change on prev. year
Value of new business (£m) 152 27 460 21 1,569 8
Number of new agreements (No.) 3,149 16 9,532 15 33,394 5