The value of new second charge business agreed in November 2022 came to £130m, says the Finance and Leasing Association (FLA).

This was a 14% rise on November 2021, it adds.

The number of new agreements was up 9% on the year previous, at 2,817.

On a quarterly basis, the value of new second charge business equalled £418m – a 28% change on the year – across 8,964 new agreements – an 18% rise.

And in the 12 months to November 2022, the value of new agreements totalled £1.56bn, which is 45% more on the previous year.

Meanwhile, the number of new agreements came 33,840 – a 34% change across the same time frame.

FLA director of consumer and mortgage finance and inclusion Fiona Hoyle says: “The second charge mortgage market reported further growth in new business in November but at a slower rate than we have seen for much of 2022 when the market was recovering from the pandemic.

“The distribution by purpose of loan in November showed 59% of new agreements were for the consolidation of existing loans, 13% for home improvements, and a further 23% for both loan consolidation and home improvements.”