A total of £93m in new business was conducted in the second charge mortgage market during March, a 14% drop from a year ago, according to new data published by the Finance & Leasing Association (FLA).
The association revealed that the figure represented 2,050 new second charge mortgage agreements during the month, also representing a 14% fall.
The latest numbers for the second charge mortgage market contrast with the FLA’s data for February, which had shown a 9% increase in the total of new business, and a 13% rise in the total of new agreements.
In the three months to March, however, the new data showed there had been 6,653 new agreements in the second charge market, worth £304m in new business, representing rises of 2% and 4% respectively from a year ago.
FLA head of consumer and mortgage finance, Fiona Hoyle, commented: “The disruption caused by the lockdown in March led to falls in second charge mortgage new business of 14% by both value and volume compared with March 2019.
“New business volumes in Q1 2020 as a whole increased by 2% compared with the same quarter in 2019.
“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
-
Rental arrears reach all-time low
-
Over six million face uncertainty over paying rent or mortgages in retirement
-
Raindrop reunites savers with £2bn in lost pensions
-
More than one in 20 financial services complaints take over eight weeks to resolve
-
Sharp rise in value of gross mortgage advances in Q2
-
Savers facing £10k-plus tax bills rise by 289%
Mortgage Advice Bureau and AI in the mortgage sector
Chief executive officer at Mortgage Advice Bureau, Peter Brodnicki, and founder and managing director at Heron Financial, Matt Coulson, joined content editor Dan McGrath to discuss how Mortgage Advice Bureau is using artificial intelligence to make advancements in the mortgage industry, the limitations of this technology and what 2026 will hold for the market
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
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.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories