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

7 December 2020

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

 Note to editors:

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  2. In 2019, FLA members provided £140 billion of new finance to UK businesses and households. £105 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2019.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.

 

 

 

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