Second charge mortgage new business volumes fell by 34% in February 2021

9 April 2021

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

“The UK lockdown restrictions over the winter months contributed to a fall of a third in second charge mortgage new business volumes. As consumer confidence improves and the economy re-opens, we expect to see a strong rebound in demand in this market.”  

Table 1: New second charge mortgage lending

 

Feb 2021

% change on prev. year

3 months to Feb 2021

% change on prev. year

12 months to Feb 2021

% change on prev. year

Value of new business (£m)

67

-37

185

-39

640

-50

Number of new agreements (No.)

1,609

-34

4,437

-33

15,417

-46

 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 2020, FLA members provided £113 billion of new finance to UK businesses and households. £86 billion of this was in the form of consumer credit, representing over a third of total new consumer credit written in the UK in 2020.
  3. For media enquiries, please contact the FLA press office on 020 7420 9656.

 

 

 

Become a member

What are the benefits of becoming an FLA Member?