The number of new second charge loan agreements grew by 57 per cent in January to 2,116, which is a sign of “continued recovery” for the market.
According to figures from the Finance and Leasing Association (FLA), there were 2,116 new second charge mortgage agreements in January, which is 57 per cent up on the same period last year.
The report added that in the three months to January there had been 6,874 new second charge mortgage agreements and in the 12 months up to January there were 26,642 new second charge mortgage agreements.
The value of the new second charge mortgage business in January came to £91m, which is 56 per cent more than the same period last year.
In the three months to January the value of new second charge mortgage business was £305m, which was up 52 per cent from last year.
The report added that in the 12 months to January 2022 the value of new second charge mortgage business amounted to £1.14bn, up 62 per cent on the previous year.
Fiona Hoyle (pictured), FLA’s director of consumer and mortgage finance and inclusion, said: “The second charge mortgage market continued its recovery in January with further strong growth in new business volumes.
“This market helps consumers in a variety of ways, including home improvements, and will continue to do so as households face increasing pressure on disposable incomes over the coming months.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.