According to data from the Finance and Leasing Association, new second charge mortgage business fells 64% in July.
The number of new agreements fell almost two thirds, from 966 new agreements in July 2019, and the value fell 65% to £40m. However, this is an improvement on the volumes seen during the lockdown period.
Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association 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.”