Second charge mortgage new business volumes were up by 14% in November 2019, according to the Finance & Leasing Association (FLA).

The value of new business for the month was £116m, a 17% increase on the previous year.

The number of new agreements totalled 2,594.

Fiona Hoyle, head of consumer and mortgage finance at the 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.”