Second charge mortgage new business volumes grew by 17% in November, data from the Finance & Leasing Association (FLA) has found.
The total value of business through the month reached £159m, marking a 29% increase on the previous year.
The number of new agreements was 3,103, a 17% increase when compared to November 2024.
Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA, said: “The second charge mortgage market has reported growth in each month so far in 2024 and double-digit new business growth by both value and volume in every month since July 2024.
“In the eleven months to November 2024, new business volumes were 17% higher than in the same period in 2023.
Hoyle added: “The distribution of new business by purpose of loan in November showed that the proportion of new agreements which were for the consolidation of existing loans was 58.8%; for home improvements and the consolidation of existing loans was 23.4%; and for home improvements only was 11.3%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
