Second charge mortgage volumes fall by 14%

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The disruption caused by the lockdown in March led to falls in second charge mortgage new business of 14% by both value and volume compared with March 2019.  New business volumes in Q1 2020 as a whole increased by 2% compared with the same quarter in 2019.”

“Lenders are continuing to do all they can to support customers during this challenging period and customers experiencing payment difficulties should contact their lender as soon as possible.”

Table 1: New second charge mortgage lending