Second charge mortgage new business volumes fell by 35% in October 2020

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 35%.

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 “Despite weaker consumer confidence, new business volumes in the second charge mortgage market continued to recover in October.  In the ten months to October 2020, new business volumes in this market remained 41% lower than in the same period in 2019.”

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

Table 1: New second charge mortgage lending

	Oct 2020	% change on prev. year	3 months to Oct2020	% change on prev. year	12 months to Oct2020	% change on prev. year
Value of new business (£m)	68	-43	167	-48	800	-34
Number of new agreements (No.)	1,717	-35	4,275	-42	18,388	-33