New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fall by 80% in May 2020.

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 severity of the lockdown restrictions on the second charge mortgage market is reflected in the record low level of new business volumes in May. The market, however, remains in a strong position to meet new demand and forbearance requests during the months ahead.”

“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

May 2020

% change on prev. year

3 months to May 2020

% change on prev. year

12 months to May 2020

% change on prev. year

Value of new business (£m)

21

-81

145

-54

1,109

-3

Number of new agreements (No.)

486

-80

3,221

-54

24,767

-3