The second charge mortgage market has reported that volumes were up by 23% in July.

This resulted in 2,656 new agreements in July.

The value of new business was £115m, up 17% on the same month in 2018.

Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “In July, the second charge mortgage market reported its highest monthly new business volumes since October 2008.

“The popularity of second charge finance is continuing to grow, with consumers increasingly using it to fund property extensions and other home improvements.”