Second charge mortgage new business volumes falls by 40%

5th November 2020

New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fell by 40% in September 2020

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge mortgage market continued to recover in September recording its highest monthly level of new business since March this year.”

“As the UK enters a new phase of lockdown restrictions, lenders are continuing to do all they can to support customers during this challenging period. If customers are experiencing payment difficulties we urge them to contact their lender as soon as possible.”

Table 1: New second charge mortgage lending

	Sep 2020	% change on prev. year	3 months to Sep2020	% change on prev. year	12 months to Sep2020	% change on prev. year
Value of new business (£m)	56	-46	139	-57	850	-29
Number of new agreements (No.)	1,424	-40	3,524	-52	19,328	-29

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Second charge mortgage new business volumes falls by 40%

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