There were 2,378 second charge agreements in May, an increase of 22% year-on-year, figures from the Finance and Leasing Association (FLA) found.

There were 6,968 agreements in the three months to May, a rise of 26% year-on-year. In addition, the value of new business was £108m in May, up 23% from May 2018. The value of new business was £315m in the three months to May, up by 22% from the previous year.

Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market remained buoyant in May, as monthly new business reached more than £100m for the second time this year.”