The volume of new business conducted across the second charge mortgage market fell by 37% in February, according to figures published by the Finance & Leasing Association (FLA).
A total £67m worth of new business was carried out during the month, made up of 1,609 new agreements.
Over the three months to February, the FLA also revealed that £185m worth of new business was carried out in the second charge mortgage market, representing a 39% fall on the same period a year earlier.
Over the period in the 12 months to February 2021, the figures revealed that £640m worth of new second charge business over a year represented a 50% fall compared to the previous 12-month period a year earlier.
FLA director of consumer and mortgage finance and inclusion, Fiona Hoyle, commented: “The UK lockdown restrictions over the winter months contributed to a fall of a third in second charge mortgage new business volumes.
“As consumer confidence improves and the economy reopens, we expect to see a strong rebound in demand in this market.”
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