The number of new second charge agreements rose by 20% year-on-year in September, the Finance and Leasing Association (FLA) has revealed.

The value of new business was £105m, up by 18% from September 2018.

Fiona Hoyle, interim director general of the FLA, said: “The second charge mortgage market reported another month of double-digit growth, with the latest annual new business volumes reaching more than 27,000 – the highest in a decade.

“Second charge mortgages are proving to be a popular product with consumers.

“While the market has returned a strong performance so far in 2019, new business volumes remain well below pre-crisis levels.”