Second charge mortgage new business fell by 40 per cent in September 2020 on the same time last year, according to the latest statistics from the Finance and Leasing Association.

The total number of new agreements in September was 1,424, worth £56m, down 46 per cent in value on September 2019.

For the three months to September, 3,254 second charge new agreements were arranged, worth £139m – these figures are down 57 per cent and 52 per cent on the same period last year respectively.

For the full year to September, both the value of new business and number of agreements were down 29 per cent.

FLA head of consumer and mortgage finance says: “The second charge mortgage market continued to recover in September recording its highest monthly level of new business since March this year.

“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.”