The value of second charge new business in November 2017 was £80m, according to the Finance & Leasing Association (FLA).

This was a 3% increase on the figure for November 2016.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported further modest growth in November, and in the first 11 months of 2017, new business volumes increased by 11% compared with the same period in 2016.

“Lenders remain focused on fully embedding the new regime, which sees first and second charge mortgages regulated on the same basis.”