Second charge lending volumes fall 14% in March

Business volumes totalled 2,050 over the month with a total value of £93m - also a 14% drop compared to March 2019.

In Q1, the number of new agreements remained 2% higher than in 2019 and the value of new business was 4% higher.

The value and volume of second charge lending in the 12 months to March 2020 were 14% higher than in the previous year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The disruption caused by the lockdown in March led to falls in second charge mortgage new business of 14% by both value and volume compared with March 2019. New business volumes in Q1 2020 as a whole increased by 2% compared with the same quarter in 2019.

“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.”