The Finance & Leasing Association (FLA) has revealed that second charge mortgage new business volumes fell by 64% year-on-year in July 2020.

The trade body said that £40m worth of second charges were lent during the month from 966 cases.

Fiona Hoyle, head of consumer & mortgage finance at the FLA, said: “The second charge mortgage market is gradually recovering with new business of almost 1,000 new agreements in July, up from a crisis-low of 486 new agreements in May.

“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.”