Second charge mortgage new business volumes fall by 64%

8th September 2020

New figures released today by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes fell by 64%.

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 is gradually recovering with new business of almost 1,000 new agreements in July, up from a crisis-low of 486 new agreements 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

	Jul 2020	% change on prev. year	3 months to Jul 2020	% change on prev. year	12 months to Jul 2020	% change on prev. year
Value of new business (£m)	40	-65	87	-73	956	-19
Number of new agreements (No.)	966	-64	2,113	-71	21,467	-19

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Second charge mortgage new business volumes fall by 64%

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