The Finance and Leasing Association (FLA) is anticipating a strong rebound for the second charge market as the UK begins to remerge from lockdown and the economy begins to strengthen.
The second charge market has seen declining business volumes over the past year as the lockdown hammered consumer confidence.
However, Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said she was confident better times are ahead.
She said: “The UK lockdown restrictions over the winter months contributed to a fall of a third in second charge mortgage new business volumes.
“As consumer confidence improves and the economy re-opens, we expect to see a strong rebound in demand in this market.”