Second charge mortgage new business volumes fell by 28% in November 2020

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said: “The level of new business by value and volume in the second charge mortgage market continued to improve in November and the rate of contraction compared with pre-crisis levels continued to ease. In the eleven months to November 2020, new business volumes in this market were 40% 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.”