This is a rise of 17% from November 2018 with the number of new agreements rising by 14% to 2,594.

In the 12 months to November 2019 new business totalled £1.238 billion, 16% up on the same period the year before while new agreement numbers were up 19% to 27,747.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November.

“The average value of second charge mortgages in November grew by 3% compared with the same month in 2018 to £44,530.”