The second charge market grew in business volumes at its fastest pace in nearly two years, according to the Finance & Leasing Association.
Figures provided by the FLA show that, in February, there were 2,163 new agreements made at a value of £98m, a percentage change of 24 per cent and 20 per cent on the previous year, respectively.
New business volumes have not been seen at this amount since May 2017, when 1,851 were recorded at £87m in value, coming to 29 per cent and 26 per cent growth, in that order.
In the 12 months to February, the FLA reports that a total of 24,249 new second charge agreements made at a value of £1.1bn altogether, yearly growth of 9 per cent and 6 per cent, respectively.
FLA head of consumer and mortgage finance Fiona Hoyle says: “The popularity of second charge mortgages continues to grow as people opt to improve, rather than move.”