Figures from the Finance and Leasing Association (FLA) showed that £139m in new business was completed during the month and 3,058 agreements were conducted. This represented annual increases of 53 per cent and 42 per cent respectively.
Fiona Hoyle (pictured), director of consumer and mortgage finance and inclusion at the FLA, said new business was at its highest level since September 2008, the year of the financial crisis.
In the three months to March, the value of new second charge business amounted to £349m, a 59 per cent rise on the same period in 2021. A similar increase was seen in the number of new agreements which totalled 7,834 during the quarter, which was a 51 per cent jump.
Hoyle added: “The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.
“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution.”