£94 million in second charge lending was completed in December 2020 by its members, the Finance & Leasing Association (FLA) has reported.

This is a rise of 19% on the same month in the previous year.

£1.25 billion was completed during the whole of 2019, an 18% rise on 2018.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported double-digit growth in each month of 2019. New business volumes reached over 28,000 agreements in 2019, which was the highest annual total since 2008.

“Although still a relatively small sector, second charge mortgages are proving popular with consumers and we expect the market to continue to grow in 2020.”