Second charge mortgage new business volumes grew by 32% in October 2024, according to latest data from the Finance & Leasing Association (FLA).
Tthe second charge mortgage reported further strong new business growth by both value and volume compared with the same month in 2023.
In the 10 months to October 2024, new business volumes were 17% higher than in the same period in 2023.
NEW SECOND CHARGE MORTGAGE LENDING
| Oct 2024 | %
change on prev. year |
3 months to Oct 2024 | % change on prev. year | 12 months to Oct 2024 | % change on prev. year | |
| Value of new business (£m) | 169 | 39 | 469 | 34 | 1,656 | 19 |
| Number of new agreements (No.) | 3,478 | 32 | 9,732 | 25 | 34,910 | 14 |
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association, said: “The distribution of new business by purpose of loan in October showed that the proportion of new agreements which were for the consolidation of existing loans was 58.4%; for home improvements and the consolidation of existing loans was 23.3%; and for home improvements only was 12.4%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
