Second charge mortgage new business volumes fall by 80% in May 2020

3 July 2020

Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said:

“The severity of the lockdown restrictions on the second charge mortgage market is reflected in the record low level of new business volumes in May. The market, however, remains in a strong position to meet new demand and forbearance requests during the months ahead.

“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.”  

 Table 1: New second charge mortgage lending


May 2020

% change on prev. year

3 months to May 2020

% change on prev. year

12 months to May 2020

% change on prev. year

Value of new business (£m)







Number of new agreements (No.)







 Note to editors: 

  1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
  2. In 2019, FLA members provided £140 billion of new finance to UK businesses and households. £105 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2019.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.




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