Second charge mortgage new business volumes rose by 15% in October according to the Finance & Leasing Association (FLA).

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole.

“The market is expected to continue to grow in 2020 but at a slower pace than in 2019.”