The second charge market has increased by 14 per cent between October and November 2019, according to the Finance and Leasing Association.

Data collected by the FLA shows that lenders agreed a total of 2,594 mortgages in November, which equalled £116m of new business. Annually, these figures represent a 14 per cent and 17 per cent rise, respectively.

In the 12 months to November, the total number of new agreements was 27,747, this shows a 19 per cent rise on the previous year.

Looking at new business in the year to November 2019, this figure reached £1.2bn, equating to a 16 per cent increase on the previous 12 months.

The Finance & Leasing Association head of consumer and mortgage finance Fiona Hoyle says: “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 per cent compared with the same month in 2018 to £44,530.”