Figures from the Finance and Leasing Association (FLA) showed that the value of second charge mortgage business also increased, with a 29% growth to £159m.
In the year to November, there were 16% more new second charge agreements than the same period a year earlier, totalling 35,657. Over the same period, the value of business went up 22% to £1.7bn.
For the three months to November, there were 9,686 new agreements for second charge, 26% higher than the year before. This was valued at £476m, a 35% uplift on the year before.
Monthly, November saw a lower level of new agreements than the 3,478 completed in October and the value of business was slightly down on the previous month’s £169m.
Fiona Hoyle (pictured), director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market has reported growth in each month so far in 2024 and double-digit new business growth by both value and volume in every month since July 2024. In the 11 months to November 2024, new business volumes were 17% higher than in the same period in 2023.
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“The distribution of new business by purpose of loan in November showed that the proportion of new agreements [that] were for the consolidation of existing loans was 58.8%; for home improvements and the consolidation of existing loans was 23.4%; and for home improvements only was 11.3%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
