Second charge mortgage new business volumes up by 8% in April, the Finance & Leasing Association (FLA) has reported.

£83 million in second charge mortgages was lent over the month.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported new business growth of 2% by value and 8% by volume in April, compared with the same period in 2017. In the three months to April 2018, the number of new second charge mortgages was 5,339, unchanged on the same period in 2017.

“This versatile product continues to prove popular with customers.”