The second charge mortgage market saw an annual drop of 43% in October, falling to £68m worth of new business, new figures from the Finance & Leasing Association (FLA) have revealed.
The figures showed that 1,717 new agreements were recorded during the month, which reflected a fall of 35% compared to October 2019.
Over the three months to October 2020, the FLA data also showed that £167m worth of new business was recorded in the second charge mortgage market, made up from 4,275 new agreements. These figures reflected falls of 48% and 42% respectively compared to the same period in 2019.
FLA Head of Consumer & Mortgage Finance, Fiona Hoyle, commented: “Despite weaker consumer confidence, new business volumes in the second charge mortgage market continued to recover in October. In the 10 months to October 2020, new business volumes in this market remained 41% lower than in the same period in 2019.
“Lenders are continuing to do all they can to support customers during this challenging period. If customers are experiencing payment difficulties we encourage them to contact their lender as soon as possible.”
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