Second charge new loans grew by 29% to £159m from the 12 months to November 2024, the Finance & Leasing Association (FLA) reveals.
New second charge mortgage agreements came in at 3,103 in the month, up 17% from a year ago.
Over the three months to November, new business loans came in at £476m, up 35% from a year ago, while 9,686 agreements were signed in the period, a 26% jump.
In the year to November, new business loans hit £1.7bn, up 22% from 12 months ago, while 35,267 agreements were signed, 16% higher.
FLA director of consumer and mortgage finance Fiona Hoyle says: “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.”
“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%.”