The number of new second charges mortgages agreed in September dropped 40 per cent as the market continues its slow recovery, figures from the Finance and Leasing Association (FLA) showed.
There were 1,424 agreements during the month, down from 2,355 a year ago. The value of new second charge business also fell in September to £56m, a 46 per cent decline.
On a quarterly basis, there were 3,524 new second charge agreements with a total value of £139m, annual declines of 52 per cent and 57 per cent respectively.
Despite the annual drop, this was the best performing month for the second charge market since March.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS