New second charge mortgage volumes dropped 71 per cent year-on-year in June with just 661 new agreements arranged.
Figures from the Finance and Leasing Association (FLA) showed the value of new business in the month reached £27m, a decline of 74 per cent compared to last year.
For the 12 months to June, the value of new second charge business reached £1.03bn and there were 23,156 agreements.
Compared to the previous 12 months, both the value and number of agreements saw respective falls of 11 per cent.
Geraldine Kilkelly (pictured), head of research and chief economist at the FLA, said: “The relatively slow recovery in second charge mortgage new business volumes reflects the gradual re-opening of the economy and continued household caution as the outlook for employment and the progression of the virus remains uncertain.
“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.”
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