The latest figures also show a post-financial crisis record has been set for the fourth consecutive month with August providing an annual increase of 74.08%.

On a monthly basis, second charge lending increased by 3.2% from July. 

The annual growth is expected to surpass £1.75bn this year, representing another post-financial crisis record.

The most noticeable change in August’s figures to recent months is the drop in lending above 85% loan-to-value (LTV), down 3.33% from the month prior.

Consolidation and consolidation and home improvements were the most popular type of loans, followed by home improvements. 

Completions also went up by 1% from July’s figure to a total of 3,361. 

Completion times have decreased slightly as lenders have recruited in recent months to manage the increased demand. 

From submission to completion, August’s average number of days was 18.62, 0.35 days faster than the previous month.