The volume of second charge mortgage new business grew by 42% in the year to March 2022, according to the latest figures from the Finance and Leasing Association (FLA).

The total number of new agreements in March was 3,058, worth £139m, representing a £53m increase compared to the previous year. 

The figure also represents an increase from the 2,660 new agreements, worth £119m in February.

For the three months to March, 7,834 second charge new agreements were arranged, worth £349m. 

Figures were up for the 12-month period to March 2022, with 28,526 worth a total of £1,240m, which represents an increase of 79% in value compared to the previous 12 months.

FLA director of consumer and mortgage finance Fiona Hoyle says: “New business volumes in the second charge mortgage market in March reached their highest level since September 2008. The market helps consumers in a variety of ways, including funding home improvements and by better management of their finances through loan consolidation.”

“As always, any customer worried about meeting payments should speak to their lender as soon as possible to find a solution,” Hoyle adds.