New second charge mortgage agreements came in at 3,428 in the month, up 18% from a year ago, the Finance & Leasing Association (FLA) reveals.
The latest data shows new loans grew by 23% to £168m from the 12 months to March 2025.
Over the three months to March, new business loans came in at £469m, up 24% from a year ago, while 9,406 agreements were signed in the period, a 17% jump.
In the year to March, new business loans hit £1.8bn, up 27% from 12 months ago, while 37,053 agreements were signed, 19% higher.
FLA director of consumer and mortgage finance and inclusion Fiona Hoyle says: “The second charge mortgage market reported a strong end to the first quarter of 2025, with new business volumes up by 17% in Q1 2025 as a whole.”
“The distribution of new business by purpose of loan in Q1 2025 showed that the proportion of new agreements which were for the consolidation of existing loans was 58.0%; for home improvements and the consolidation of existing loans was 22.6%; and for home improvements only was 11.8%.
“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”
