Second charge new business up 24% in January 2025: FLA
The second charge mortgage market made a positive start to 2025, with double-digit growth in new business by value and volume.
New business volumes grew by 24% in January 2025 to 2,907 and value of new business grew 29% to £146m.
Commenting on the latest new business figures for the second charge mortgage market, Finance & Leasing Association (FLA) director of consumer and mortgage finance and inclusion Fiona Hoyle said: “The distribution of new business by purpose of loan in January 2025 showed that the proportion of new agreements which were for the consolidation of existing loans at 58.5%; for home improvements and the consolidation of existing loans at 23.0%; and for home improvements only at 12.2%.”
She added: “As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
Source: MortgageStrategy
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