The Finance & Leasing Association (FLA) has reported that second charge mortgage new business volumes grew by 176% in April.

The value of new second charge lending in April was £81m, a 684% increase year-on-year, as lending markets were heavily affected during the first lockdown last year.

There were 1,890 new second charges agreed in April.

Fiona Hoyle, director of consumer & mortgage finance and inclusion at the FLA, said: “The second charge mortgage market returned to growth in April in line with expectations given the adverse impact of the first lockdown on new business levels in the second quarter of 2020.

“The market is expected to record a strong recovery in new business levels during the second half of 2021.”