Second charge mortgage new business volumes grew by over 2% in January this year, the latest data from the Finance & Leasing Association (FLA) has revealed.
The overall value of new second charge business rose to £113m, marking a 9% rise compared to January a year previous.
The number of new agreements reached 2,346 throughout the month, a 1% decrease compared to January 2023.
Fiona Hoyle, director of consumer and mortgage finance and Inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported a second consecutive month of new business volumes growth and the first growth in the value of new business since June 2023.
“In the 12 months to January 2024, new business volumes were 10% lower than in the same period in 2023.
“The distribution by purpose of loan in January 2024 showed that 58% of new agreements were for the consolidation of existing loans, 12% for home improvements, and a further 22% 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.”
