There was £76 million of second charge mortgage new business in January, a trade body has reported.

This consisted of 1,645 new agreements over the month, the Finance & Leasing Association (FLA) said.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported growth in January, with new business up 8% by value and 13% by volume compared with the same period in 2017.

“The sector is continuing its work in ensuring that the new regulatory regime is fully implemented.”