The Finance & Leasing Association (FLA) has reported that second charge mortgage new business volumes fell by 35% in October 2020.
The value of new business during the month was £68m. This figure is 43% less than that of October 2019.
Fiona Hoyle, head of consumer & 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.”