There was £107m worth of new business in the second charge mortgage market during February this year, reflecting a 9% change from last year, new data published by the Finance & Leasing Association (FLA) revealed.

The FLA revealed that this represented 2,435 new agreements during the month, which was a 13% rise from a year earlier.

In the 12 months to the end of February 2020, the FLA found the value of business for the second charge mortgage market had hit £1.28bn with 28,512 new agreements in that time – each figure reflecting an 18% rise against the 12-month period preceding it.

FLA head of consumer and mortgage finance, Fiona Hoyle, commented: “The second charge mortgage market made a positive start to 2020, but the mortgage market faces serve disruption from the impact of the coronavirus on the economy.

“Lenders are doing their best to support customers during these unprecedented times, and any customer facing repayment difficulties due to the coronavirus should contact their lender as soon as possible to discuss the help they need.”   

In 2019, FLA members provided £140bn of new finance to UK businesses and households, with £105bn of this in the form of consumer credit – representing over a third of total new consumer credit written in the UK last year.

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