Second charge mortgage new business volumes grew by 43% in October 2021, according to the Finance & Leasing Association (FLA).
As a result, the number of new agreements in October was 2,543, and the value of this new business was £109m.
In the three months to October 2021, the number of new agreements rose by 67% to 7,295 and the value of new business increased by 78% to £306m.
Second charge lending up £13.4m
Annually, the total number of new agreements increased by 26% to 24,626 and the value of new business rose by 24% to £1,039m.
Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “A sustained period of growth by the second charge mortgage market has seen it return to more normal monthly levels of new business.
“We expect new business volumes to continue to grow despite heightened economic uncertainty over the coming months.”