Second charge market shows growth

The UK’s second charge mortgage market has experienced growth in new business throughout 2024, following a subdued performance in much of 2023.

Figures released by the Finance & Leasing Association (FLA) showed that in April 2024, the value of new business reached £138 million, marking a 40% increase compared to the same month last year. Over the three months to April 2024, new business totalled £405 million, a 23% rise from the previous year.

The number of new agreements also went up, with an annual increase of 36% to 2,967 in April 2024. Over the three months to April, new agreements numbered 8,680, reflecting an 18% rise.