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:

“The second charge mortgage market returned to growth in May, reporting its second highest total of new business so far this year by both value and volume. In the five months to May 2025, new business volumes were 11% higher than in the same period in 2024.

“The distribution of new business by purpose of loan in May 2025 showed that the proportion of new agreements which were for the consolidation of existing loans was 58.9%; for home improvements and the consolidation of existing loans was 22.4%; and for home improvements only was 11.9%.

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