As a result of the decline, the number of new agreements was noted at 1,857, which, in monitory terms equated to £75m in November.

In the three months to November, the number of new agreements was down 34% to 4,998, equating to £199m.

On an annual basis, the quantity of new agreements dropped by 36% to 7,651, with the value of the new business noted at £759m.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association, said: “The level of new business by value and volume in the second charge mortgage market continued to improve in November and the rate of contraction compared with pre-crisis levels continued to ease.

“In the eleven months to November 2020, new business volumes in this market were 40% lower than in the same period in 2019.

“Lenders are continuing to do all they can to support customers during this challenging period.

“If customers are experiencing payment difficulties we encourage them to contact their lender as soon as possible.”