The value of new second charge business stood at £130m in November, up 14% on 2021 figures, according to Finance & Leasing Association (FLA) figures.
But Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA, warned growth is slowing.
She said: “The second charge mortgage market reported further growth in new business in November but at a slower rate than we have seen for much of 2022 when the market was recovering from the pandemic.
“The distribution by purpose of loan in November showed 59% of new agreements were for the consolidation of existing loans, 13% for home improvements, and a further 23% for both loan consolidation and home improvements.”
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
