Second charge mortgage new business volumes fell by 52% in August 2020

9 October 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:

 “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

 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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