Second charge new business was up 25% year-on-year in August, the Finance & Leasing Association (FLA) has reported.

There was £91m in new business transacted by its members during the month.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported another strong month in August, with new business continuing to grow from a low base.

“A second charge mortgage provides a useful alternative where homeowners want to raise additional funds but do not want to change their existing first charge mortgage.”