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.”
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