The second charge mortgage market registered a 32% year-on-year jump in the value of new business in October, new figures released by the Finance & Leasing Association (FLA) have shown.
October saw £223m worth of new second charge mortgage business.
The FLA also revealed that this was made up from 4,238 new agreements, which was 22% up against the same month last year.
In the year to October, the second charge mortgage market has seen £2.05bn worth of new lending, a figure up by 22% on the corresponding period 12 months ago.
Director of consumer and mortgage finance and inclusion at the FLA, Fiona Hoyle, said: “The second charge mortgage market has reported growth in the value of new business in each month of 2025 so far.
“The product is proving popular with consumers who want to effectively manage loan consolidation or to fund home improvements. New business volumes are expected to reach almost 41,000 in 2025 which would be the highest level since 2008.
“The proportion of new business volumes which were solely for the consolidation of existing loans held steady in October compared with the previous month at 59.5%. A further 22.5% were for home improvements and loan consolidation, and 11.9% solely for home improvements.”
Latest News
-
House prices drop in September as annual growth halved
-
More than 34m UK adults face retirement savings vulnerability
-
PM confirms triple lock will become ‘annual double lock’ after next general election
-
Half of aspiring homeowners would use pension savings for home deposit
-
Industry divided over Your First Home scheme
-
Albatross Lending Group joins the BDLA
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories