Loans Warehouse has reported a total of £65,537,155 in second charge mortgages lent in October 2014.

The firm said this amount was 130% of that lent 12 months ago and more than double that lent in October 2012. It also represented the highest single-month figure since October 2008.

The 2014 total to date (£533m) has now surpassed that for the whole of 2013.

Sam Busfield, co-founder and director of Loans Warehouse, said: “There is no doubt that the industry has continued moving in the right direction. The ceaseless increased competition between lenders has led to interest rates once again reducing and additional products being brought to market – good news for all concerned.”