Both value and volume of new business up in April
The UK’s second charge mortgage market has experienced growth in new business throughout 2024, following a subdued performance in much of 2023.
Figures released by the Finance & Leasing Association (FLA) showed that in April 2024, the value of new business reached £138 million, marking a 40% increase compared to the same month last year. Over the three months to April 2024, new business totalled £405 million, a 23% rise from the previous year.
The number of new agreements also went up, with an annual increase of 36% to 2,967 in April 2024. Over the three months to April, new agreements numbered 8,680, reflecting an 18% rise.
Explore the latest figures from the Finance & Leasing Association for deeper insights and market updates: https://t.co/qQFAJREjow pic.twitter.com/sogBUdVxlD
— Finance & Leasing Association (@_F_L_A) June 6, 2024
Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle (pictured), FLA director of consumer and mortgage finance and inclusion, noted that the market has seen new business grow in each month of 2024 so far.
“The distribution of new business by purpose of loan in April 2024 showed that the proportion of new agreements which were for the consolidation of existing loans was 58%; for home improvements and the consolidation of existing loans was 23.9%; and for home improvements only was 13.1%,” Hoyle said.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
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