A total of £21m worth of new business in the second charge mortgage market was conducted during May, an 81% drop from the same month last year, new data from the Finance & Leasing Association (FLA) has revealed.
Figures also showed that May’s business was comprised of 486 new agreements, a total which also saw a significant fall of 80% from May 2019.
The FLA’s latest data revealed that the three months to May totalled £145m worth of business in the second charge mortgage market, made up of 3,221 new agreements. Compared to the three months to May 2019, both figures represented slumps of 54%.
Over the 12-month period to May, however, the data revealed the 24,767 new agreements making up £1.1bn in new second charge mortgage business reflected more modest falls of just 3% respectively, against the 12 months to May 2019.
FLA head of consumer and mortgage finance, Fiona Hoyle, commented: “The severity of the lockdown restrictions on the second charge mortgage market is reflected in the record low level of new business volumes in May. The market, however, remains in a strong position to meet new demand and forbearance requests during the months ahead.
“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.”
Latest News
-
Govt has failed to act on lifetime ISA recommendations – Treasury Committee
-
FCA consults on unlimited contactless card payments
-
Tavistock acquires Lifetime Financial Management
-
Consumer finance new business grows 4% in July – FLA
-
Just Group completes £23m pension buy-in
-
Three quarters of brokers support FCA mortgage review
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories