Second charge market records highest business levels since March: FLA

By value, second charge lending fell by 46% to £56m over the 12-month period.

Despite the fall, the second charge market recorded the highest monthly level of new business since March, before the effects of Covid-19 were seen.

In the three months to September, lending remains down 52% by volume and 57% by value compared to Q3 2019.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market continued to recover in September recording its highest monthly level of new business since March this year.

“As the UK enters a new phase of lockdown restrictions, lenders are continuing to do all they can to support customers during this challenging period. If customers are experiencing payment difficulties we urge them to contact their lender as soon as possible.”