In the 12 months of 2018 there were 23,529 new agreements, seven per cent up compared to the previous year, with an increase in value of four per cent to £1.07bn, the data revealed.

In December the number of new agreements increased by 13 per cent to 1,792 compared to 1,584 in December 2017, for a value of £80m, six per cent higher than £76m total a year earlier.

In the final quarter of the year, the number of new agreements rose by 18 per cent to 6,389 worth £283m, 16 per cent higher than the same quarter a year ago.

 

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Growth expected in 2019

Fiona Hoyle, head of consumer and mortgage finance at the Finance and Leasing Association (FLA), said this growth contributed to solid single-digit new business growth in 2018 as a whole.

She added: “The second charge mortgage market is expected to see further single-digit new business growth in 2019 overall.”

In November, the second charge market saw strong growth with the value and number of deals up 21 per cent on the same month a year earlier. In total 2,282 second charge deals were completed in November worth £99m.