Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said:

“April saw the second charge mortgage market report its first fall in new business volumes since November 2023 as consumer confidence about the economic outlook dipped. In the first four months of 2025, new business volumes were 12% higher than in the same period in 2024.

“The distribution of new business by purpose of loan in April 2025 showed that the proportion of new agreements which were for the consolidation of existing loans was 55.0%; for home improvements and the consolidation of existing loans was 24.1%; and for home improvements only was 13.3%.

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”

Source: FLA