The new agreements for December 2021 were valued at £99 million, representing a 53% increase from December of the previous year, while the overall value of new second charge mortgages for 2021 rose to £1,110 million, 47% more than in 2020.

“The second charge mortgage market has reported a sustained recovery in new business volumes since April 2021,” said Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA.

She also noted, however, that “[there] is still room for growth as new business remains 16% lower by value and 14% lower by volume than in 2019.”