Second charge mortgage volumes rose 13 per cent year-on-year in February, figures from the Finance and Leasing Association (FLA) show.
There were 28,512 new second charge mortgages agreed in the 12 months to February 2020, and some 2,435 of these were approved in the month. During February last year, there were 2,163 agreements.
The three months to February also saw a 13 per cent increase in second charge volume, with 6,670 agreements completed in the quarter.
The value of new second charge business reached £107m in February, nine per cent up from last year’s £98m.
For the 12 months to February 2020, the value of new second charge mortgages amounted to £1.3bn, 18 per cent higher than the £1.1bn seen last year.
The three months to February saw £305m worth of new second charges completed, 16 per cent more than the same period the year before.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market made a positive start to 2020, but the mortgage market faces serve disruption from the impact of the coronavirus on the economy.
“Lenders are doing their best to support customers during these unprecedented times, and any customer facing repayment difficulties due to the coronavirus should 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