Second charge mortgage new business volumes grew by 27% in September, data from the Finance & Leasing Association (FLA) has found.
The total value of new business through the month was £149m, marking a 37% increase on the previous year.
The number of new agreements was 3,105, a 27% increase when compared to September 2023.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market reported a third consecutive month of double-digit new business growth by both value and volume in September boosted by the lower interest rate environment.
“In the nine months to September 2024, new business volumes were 16% higher than in the same period in 2023.
“The distribution of new business by purpose of loan in September showed that the proportion of new agreements which were for the consolidation of existing loans was 58.1%; for home improvements and the consolidation of existing loans was 23.3%; and for home improvements only was 12.1%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
