Second charge mortgage new business volumes grew by 3% in June, data from the Finance & Leasing Association (FLA) has found.
The total value of new business throughout the month stood at £145m, marking a 7% increase on the previous year.
The number of new agreements was 3,019, a 3% increase when compared to June 2023.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “In June, the second charge mortgage market reported the highest number of new agreements since September 2022 which meant the market grew each month in the first half of 2024.
“New business by value and volume grew in the first six months of 2024 overall by 17% and 12% respectively, compared with the same period in 2023.
“The distribution of new business by purpose of loan in the first half of 2024 showed that the proportion of new agreements which were for the consolidation of existing loans was 59.2%; for home improvements and the consolidation of existing loans was 23.1%; and for home improvements only was 12.5%.”
She added: “As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
