The value of new second charge business was relatively stable in March at £88m, down 5% on the same month in the previous year.

The latest figures from the Finance and Leasing Association show the number of new arrangements in the month was 2,048, no change on March 2020.

For the three months to March 2021, second charge business was worth £211m, down 30% on the same period last year. For the 12 months to March, value was £635m, down 50% on the 12 months prior.

The number of new arrangements in the 12 months to March 2021 was 15,415 down 45% on the previous 12 months.

FLA head of consumer and mortgage finance Fiona Hoyle says: “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.”