Second charge new business volumes grew by 17% in February 2024, according to the latest data from the Finance & Leasing Association (FLA).
New agreements grew to 2,819 throughout the month, with the value of new business reaching £130m.
The was a 22% increase in value when compared to 2023.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market has made a positive start to 2024 as new business volumes increased by 10% in the first two months of this year compared with the same period in 2023.
“In the 12 months to February 2024, new business volumes were 8% lower than in the same period in 2023.
“The distribution by purpose of loan in February 2024 showed that 60% 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.”
