The value of new business stood at £191m. This reflected an overall 29% rise in value year-on-year.
The number of new second charge mortgage agreements rose by 21% in April.
New business grows consistently
This strong growth was evident in activity over the last 12 months.
The value of new business increased faster than the number of agreements.
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Over the three months to April, new business totalled £633m, a 34% increase on the same period a year earlier, with agreements up by 23% to 11,537.
Three-month performance was the strongest, demonstrating the highest value growth. This indicated an uptake of momentum in recent months.
Over the year, performance had been consistent as the market continued to expand.
Across the 12 months to April, the market reached £2.34bn in value, up by 28% year-on-year, as the number of agreements increased by 20% to 44,450.
The FLA said this reflected the growing demand for flexible borrowing options in the current economic climate.
Fiona Hoyle, director of consumer finance and mortgages and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market continued to grow strongly in April.
“With new business up 29% by value and 21% by volume, [it highlighted] sustained demand for flexible borrowing options in the current environment.
“Looking ahead, demand is likely to remain supported by this need for flexibility.
“Second charge mortgages [are] well-placed to help households manage budgets and maintain financial resilience as economic conditions evolve.”
