Second charge mortgage new business volumes grew by 32% in October, data from the Finance & Leasing Association (FLA) has found.
The total value of new business through the month was £169m, marking a 39% increase on the previous year.
The number of new agreements was 3,478, a 32% increase when compared to October 2023.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “Housing market activity has begun to pick up since the Bank of England started to cut Bank Rate in the second half of this year.
“In October, the second charge mortgage reported further strong new business growth by both value and volume compared with the same month in 2023.
“In the 10 months to October 2024, new business volumes were 17% higher than in the same period in 2023.”
She added: “The distribution of new business by purpose of loan in October showed that the proportion of new agreements which were for the consolidation of existing loans was 58.4%; for home improvements and the consolidation of existing loans was 23.3%; and for home improvements only was 12.4%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
