The second charge market saw huge growth in July, with new business up 23 per cent by value year-on-year, according to new figures from the Finance & Leasing Association.
The FLA says there was £90m of second charge business written in July, up 21 per cent by volume.
In the first seven months of 2017, the number of new second charge mortgages grew by 13 per cent to reach 12,378.
FLA head of consumer and mortgage finance Fiona Hoyle says: “It is important to remember that this growth is from a relatively low base.
“Nonetheless, the latest figures show that more customers are taking out a second charge mortgage – for example to fund renovations or help family members with a deposit for their first home.”