The second charge on new loans grew by 29% to £159 million in the twelve months to November 2024, the Finance & Leasing Association (FLA) reveals.
The number of new second mortgage agreements this month was 3,103, an increase of 17% compared to a year ago.
In the three months to November, new business loans totaled £476m, up 35% on a year ago, while 9,686 deals were signed in the period, up 26%.
In the year to November, lending to new businesses was £1.7bn, up 22% on 12 months ago, while 35,267 deals were signed, up 16%.
FLA director of consumer and mortgage finance Fiona Hoyle said: “The second mortgage market has reported growth every month so far in 2024 and double-digit new business growth every month since July 2024, both in value and volume.”
“In the eleven months to November 2024, new contract volumes were 17% higher than the same period in 2023.”
“The distribution of new contracts by loan in November showed that the share of new contracts for the consolidation of existing loans was 58.8%; for home improvements and the consolidation of existing loans amounted to 23.4%; and for home improvements this was only 11.3%.”