Second charge volumes fall 69% in April: FLA

The value of new business fell by 68% to £32m compared to April 2019.

In the three months to April 2020, the volume of new second charge business fell by 23% and volumes were down by 24%.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market continued to suffer from the closure of the housing market during the lockdown in April. As restrictions are lifted, FLA’s second charge mortgage members are ready to support new demand and continue to provide the necessary forbearance customers require.

“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.”