Second charge mortgage new business volumes fall by 34% in February

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 34% in February 2021

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said “The UK lockdown restrictions over the winter months contributed to a fall of a third in second charge mortgage new business volumes. As consumer confidence improves and the economy re-opens, we expect to see a strong rebound in demand in this market.”

Table 1: New second charge mortgage lending

	Feb 2021	% change on prev. year	3 months to Feb 2021	% change on prev. year	12 months to Feb 2021	% change on prev. year
Value of new business (£m)	67	-37	185	-39	640	-50
Number of new agreements (No.)	1,609	-34	4,437	-33	15,417	-46