There were 2,100 new agreements for second charge business in August, up 6% year-on-year, The Finance and Leasing Association (FLA) has found.

There were 6,247 new agreements in the three months to August, up 3% year-on-year and 22,356 in the 12 months to August, a rise of 3% on the previous year.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The second charge mortgage market has reported new business growth in six out of eight months so far in 2018.

“With the number of new agreements in this market up by 3% in the first eight months of 2018, we continue to expect single-digit growth in 2018 as a whole.”

There was £92m of new second charge business in August, down 2% year-on-year and £282m in the three months to August, down slightly by 1% from the previous year.