The number of new agreements in May was 1,910, and the value of new business was £84m.

In the three months to May 2021, the number of new agreements rose by 82% to 5,848, and the value of new business increased by 74% to £253m.

However, year-on-on-year, the number of new agreements fell by 27% to 18,044, and the value of new business dropped by 33% to £784m.

Fiona Hoyle, director of consumer and mortgage finance and inclusion at the FLA, said: “The second charge mortgage market reported a second consecutive month of growth in May, and new business volumes increased by 12% in the first five months of 2021.

“The improvement in consumer confidence means the market expects to see the recovery in new business continue during the second half of 2021.”