Second charge mortgage new business volumes fell by 64% in July 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 second charge mortgage market is gradually recovering with new business of almost 1,000 new agreements in July, up from a crisis-low of 486 new agreements in May.

“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.”