Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), 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.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
