Second charge mortgage new business volumes fell by 69% in April 2020, according to the latest figures from the Finance & Leasing Association (FLA).
The decline will come as little surprise due to the figures covering the height of the coronavirus lockdown in the UK.
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “The second charge mortgage market continued to suffer from the closure of the housing market during the lockdown in April.
“As restrictions are lifted, FLA’s second charge mortgage members are ready to support new demand and continue to provide the necessary forbearance customers require.
“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.”