The second charge mortgage market experienced its eighth consecutive month of new business growth in August 2024, according to figures from the Finance & Leasing Association (FLA).
New business volumes for the first eight months of 2024 were 14% higher than during the same period in 2023.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The distribution of new business by purpose of loan in August showed that the proportion of new agreements which were for the consolidation of existing loans was 59.4%; for home improvements and the consolidation of existing loans was 21.4%; and for home improvements only was 13.5%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
