The second charge market has seen declining business volumes over the past year as the lockdown hammered consumer confidence.

However, Fiona Hoyle, director of consumer & mortgage finance and inclusion at the Finance & Leasing Association (FLA), said she was confident better times are ahead.

She said: “The UK lockdown restrictions over the winter months contributed to a fall of a third in second charge mortgage new business volumes.

“As consumer confidence improves and the economy re-opens, we expect to see a strong rebound in demand in this market.”