The Finance & Leasing Association (FLA) has reported that the value of second charge mortgage new business in March 20201 totalled £88 million.

This was 5% lower than the figure for March 2020.

Q1 2021 saw second charge new business total £211m, 30% down year-on-year.

Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA, said: “In March, the second charge mortgage market reported its highest monthly new business volumes since the same month in 2020.

“FLA members are increasingly optimistic about the outlook and we expect to see a strong rebound in demand over the next year.”