In December 2024, the value of new second charge mortgage lending reached £130m, representing a 35% increase compared to the previous year, data from the Finance and Leasing Association (FLA) has revealed.
In terms of the number of new agreements, 2,505 were recorded in December 2024, showing a 16% increase from the previous year.
For the full 12 months to December, new second charge mortgage lending totaled £1.726bn, reflecting a 25% increase year-on-year.
Over the 12-month period ending in December, a total of 35,711 new agreements were made, reflecting a 17% increase year-on-year.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market reported growth in each month of 2024, with new business volumes up by 17% in 2024 overall to reach almost 36,000 new agreements. This was the highest annual total since 2009.
“The distribution of new business by purpose of loan in 2024 was in line with the previous year, with the proportion of new agreements which were for the consolidation of existing loans at 59.0%; for home improvements and the consolidation of existing loans at 22.9%; and for home improvements only at 12.5%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
