In April there was 2,206 new second charge mortgage agreements, 24% more year-on-year, the Finance & Leasing Association (FLA) has found.

The value of new business was £102m in April, 23% higher from that the previous year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “In April, the second charge mortgage market reported its eighth consecutive month of double-digit new business growth.

“This is a great performance for what is an increasingly popular product.”

There were 6,761 new agreements in the three months to April, up 26% year-on-year.

In addition, the value of new business was £309m in the three months to April, 23% more than the three months to April 2018.