There was a modest fall in the second charge market in June with the value of new second charge business at £91m, down 6% from that the previous year, The Finance and Leasing Association (FLA) has found.

There were 1,985 new agreements, down 3% year-on-year, figures from The Finance and Leasing Association (FLA) showed.

However in the 12 months to June there was £1,019 new second charge business, up 6% year-on-year and 22,142 new agreements, up 5% year-on-year.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The second charge mortgage market reported new business volumes up in the first half of 2018 by 2%, compared with the same period in 2017.

“This was in line with stable new business volumes reported by the wider mortgage market over the same period.”

Matt Tristram, co-founder and director, Loans Warehouse, said: “I’m pleased to see continued steady growth after the changes made earlier in the year as a result of the first FCA review.

“The market continues to grow and I would anticipate the £100,000,000 barrier being broken in October & November, traditionally busy months for the sector.”