Second charge mortgages grow by 36%

New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 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 seen new business grow in each month of 2024 so far after a subdued performance throughout much of 2023.  In the twelve months to April 2024, new business by both value and volume remained 3% lower than in the same period in 2023.

“The distribution of new business by purpose of loan in April 2024 showed that the proportion of new agreements which were for the consolidation of existing loans was 58.0%; for home improvements and the consolidation of existing loans was 23.9% and for home improvements only was 13.1%.”

New second charge mortgage lending

	Apr 2024	%  change on prev. year	3 months to Apr 2024	% change on prev. year	12 months to Apr 2024	% change on prev. year
Value of new business (£m)	138	40	405	23	1,468	-3
Number of new agreements (No.)	2,967	36	8,680	18	31,867	-3