New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 52% in August 2020 when compared with last year.

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 “While the second charge mortgage market remains subdued compared with pre-crisis levels, it is encouraging to see the number of new mortgages increase month-on-month since the record-low in May.”

“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

Aug 2020

% change on prev. year

3 months to Aug 2020

% change on prev. year

12 months to Aug 2020

% change on prev. year

Value of new business (£m)

43

-57

110

-66

898

-24

Number of new agreements (No.)

1,134

-52

2,761

-62

20,259

-24