Second charge mortgage market suffers 68% annual fall

A total £32m worth of business was agreed in the second charge mortgage market during April, reflecting a 68% fall from 12 months ago, according to the latest new business figures released by the Finance & Leasing Association (FLA).

The figure represented 685 new agreements agreed in the market during April, a total that also experienced a significant annual fall of 69%.

In the the three months to April, the FLA’s latest numbers brought the total value of new business in the second charge mortgage market to £232m, made up of 5,170 new agreements – which each represented falls of 24% and 23% respectively compared to 2019 data.

FLA head of consumer and mortgage finance, Fiona Hoyle, commented: “The second charge mortgage market continued to suffer from the closure of the housing market during the lockdown in April. As restrictions are lifted, FLA’s second charge mortgage members are ready to support new demand and continue to provide the necessary forbearance customers require.

“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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