The second charge mortgage market reported its eighth consecutive month of new business growth with volume up 16% in August, according to the latest numbers from the Finance & Leasing Association (FLA).
In the eight months to August 2024, new business volumes were 14% higher than in the same period in 2023.
Commenting on the latest figures, FLA director of consumer & mortgage finance and inclusion Fiona Hoyle said: “The distribution of new business by purpose of loan in August showed that the proportion of new agreements which were for the consolidation of existing loans was 59.4%; for home improvements and the consolidation of existing loans was 21.4%; and for home improvements only was 13.5%.”
She added: “As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
