According to the Finance & Leasing Association (FLA), there was a similar rise in the value of new second charge business, increasing by 28% year-on-year to £203m.
This was a larger increase than the 22% annual uplift seen in October, but compared to the previous month, the value of business and agreements were lower, with October recording 4,238 agreements valued at £223m.
There were 11,958 second charge mortgage agreements completed in the three months to November, a 23% rise on the same period a year earlier, while the value of business during this period was 32% higher at £628m.
In the 12 months to November, some 40,886 second charge mortgages were agreed, 16% up on the same period the year before, and the value of this was £2.1bn, a 23% improvement.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market has reported growth in new business volumes in all but one month in 2025 so far and is ending the year growing as strongly as it began it.
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“The proportion of new business volumes [that] were solely for the consolidation of existing loans fell in November compared with the previous month at 58%. A further 22.4% were for home improvements and loan consolidation, and 10.8% solely for home improvements.”
Hoyle added: “As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
