The number of second charge loans agreed in February was 13 per cent higher than the same time last year at 2,435 figures from the Finance and Leasing Association reveal.

However, the data pre-date the covid-19 pandemic hitting the UK and the ensuing lockdown, which put the brakes on the property market.

The volume of loans agreed in February was 9 per cent higher than a year earlier at £107m.

The total number of secured loans agreed over the 12 months to February reached 28,512, an increase of 18 per cent on the previous year.

By value, lending was also 18 per cent higher in the year to February at £1.28bn.

FLA head of consumer and mortgage finance Fiona Hoyle says: “The second charge mortgage market made a positive start to 2020, but the mortgage market faces serve disruption from the impact of the coronavirus on the economy.

“Lenders are doing their best to support customers during these unprecedented times, and any customer facing repayment difficulties due to the Coronavirus should contact their lender as soon as possible to discuss the help they need.”