Second charge mortgages grew by 9% in February
New figures released by the Finance & Leasing Association (FLA) show that second-charge mortgage new business volumes grew by 9% in February 2025.
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 reported further growth in February but at a slower pace than in recent months.
“The distribution of new business by purpose of loan in February 2025 showed that the proportion of new agreements which were for the consolidation of existing loans at 58.1%; for home improvements and the consolidation of existing loans at 22.9%; and for home improvements only at 11.1%.”
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Second charge mortgage new business volumes grew by 16% in December 2024
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:
First-time buyers paying extra £4,200 a year on their mortgage
First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research.
Consumer finance new business grew by 2% in January 2025
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2025 by 2% compared with the same month in 2024. In the twelve months to January 2025, new business in this market was also 2% higher than in the same period in 2024.
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