The volume of second charge new business grew by 53% in the year to December 2021, according to the latest figures from the Finance and Leasing Association (FLA).

The total number of new agreements in December was 2,174, worth £99m, equating to a 55% increased in value compared to December 2020.

For the three months to December, 7,301 second charge new agreements were arranged, worth £323m.

Figures were also up for the 12 months to December 2021, with 25,877 agreements arranged made up of 44 deals worth a total of £1,110.  This represents an  increase of 47% in value on the previous 12 months.

FLA director of consumer and mortgage finance Fiona Hoyle says: “The second charge mortgage market has reported a sustained recovery in new business volumes since April 2021. There is still room for growth as new business remains 16% lower by value and 14% lower by volume than in 2019.”