The Finance & Leasing Association (FLA) has reported that the second charge mortgage market reported its fifth consecutive month of growth in July.

New business was up 23% by value and 21% by volume. In the first seven months of 2017, the number of new second charge mortgages grew by 13% to reach 12,378.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “It is important to remember that this growth is from a relatively low base. Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example to fund renovations or help family members with a deposit for their first home.”