The second charge mortgage sector has continued to enjoy a strong 2024, with new business continuing to grow.

According to figures from the Finance & Leasing Association (FLA), second charge mortgage new business volumes showed a 36% change in April 2024 compared to the figure for April 2023.

The number of new agreements was 2,967 for April 2024 and 8,680 for the three months to end of April this year.

The value of new business was £138m for April and £405m to the end of April 2024. This represented a 40% and 23% change respectively.

Commenting on the latest figures,  FLA director of consumer & mortgage finance and inclusion Fiona Hoyle said: “The second charge mortgage market has seen new business grow in each month of 2024 so far after a subdued performance throughout much of 2023.”

She added: “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 58.0%; for home improvements and the consolidation of existing loans was 23.9% and for home improvements only was 13.1%.

“As always, customers who are concerned about meeting payments should speak to their lender as soon as possible to find a solution.”