The Finance & Leasing Association (FLA) has reported that second charge mortgage new business volumes fell by 71% in June.

Last month, £27m in second charges was lent.

When looking at the 12 months to June, new business volumes are down by 11%.

Geraldine Kilkelly, head of research and chief economist at the Finance & Leasing Association (FLA), said: “The relatively slow recovery in second charge mortgage new business volumes reflects the gradual re-opening of the economy and continued household caution as the outlook for employment and the progression of the virus remains uncertain.

“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.”