As a result, the number of new agreements in June was 1,960, and the value of this new business was £91m.

In the three months to June 2021, the number of new agreements rise by 208% to 5,853 and the value of new business increased by 217% to £260m.

Annually,  the total number of new agreements fell by 21% to 19,903 and the value of new business dropped by 24% to £833m.

Fiona Hoyle, director of consumer and mortgage finance and inclusion at the Finance & Leasing Association (FLA), said: “The second charge mortgage market continued its recovery in June as new business grew for a third consecutive month.

“In H1 2021, new business volumes increased by 21% compared with the same period in 2020, and we expect further growth during the second half of this year.”