"The second charge mortgage market reported its eighth consecutive month of double-digit new business growth."
Second charge mortgage volumes increased by 24% in April compared to the same month in 2018, according to the latest figures from the Finance and Leasing Association.
New business increased 23% by value to £102m in April and saw growth of 11% over the twelve months with annual lending totalling £1.14bn.
The number of new agreements increased by 14% annually to 25,243.
The figures for April continue the strong growth seen in the previous month, which saw lending increase 25% by value and 31% by volume.
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.”