Second charge mortgage new business volumes were up by 15% in October, the Finance & Leasing Association (FLA) has revealed.

New business in October totalled £118 million, the FLA said.

There were 2,658 new agreements during the month.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole.

“The market is expected to continue to grow in 2020 but at a slower pace than in 2019.”