Second charge new business down 35% in October
The number of new second charge mortgage agreements in October 2020 was 1,717, down 35% year-on-year, according to data from the Finance & Leasing Association (FLA).
The value of new business in October was £68m, a drop of 43% over the same period.
In the three months to October 2020, the value of new business was £167m, and the number of new agreements was 4,275; this was a drop of 48% and 42% year-on-year, respectively.
In the 12 months to October, the value of new business was £800m, and the number of news deals stood at 18,388, a drop of 34% and 33%, respectively, compared to the previous year.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “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.”