The second charge mortgage market experienced a 57% annual fall during August as £43m of new business was recorded, new statistics from the Finance & Leasing Association (FLA) have revealed.
Data showed that a total of 1,134 new agreements were recorded during the month which reflected a 52% fall from August 2019.
The figures also showed that £110m worth of new business was conducted over the three months to August, comprised of 2,761 new agreements. These figures reflected falls of 66% and 62% respectively.
Over the 12 months to August, the FLA’s figures showed that 20,259 new agreements made up £898m worth of business in the second charge mortgage market, with both figures reflecting falls of 24% against the previous year’s data.
FLA head of consumer and mortgage finance, Fiona Hoyle, commented: “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.”
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