Second charge mortgage new business volumes increased by 13% in February 2020, according to the latest figures from the Finance & Leasing Association.
In total there were 2,435 new cases in the month preceding the government’s lockdown of the UK in its efforts to thwart the continued spread of coronavirus.
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (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 to discuss the help they need.”
Elsewhere consumer finance new business grew in February 2020 by 6% compared with the same month in 2019.
Credit card and personal loan new business together grew in February 2020 by 9% compared with the same month in 2019, while retail store and online credit new business increased by 2% over the same period.