The number of agreements dipped month-on-month to 2,594 from 2,658 in October, according to the Finance & Leasing Association (FLA).
However, loans were overall worth more at £116m in November, from £114m in the previous month.
Loan value also increased by 17 per cent year-on-year.
In the three months to November, the value of new business stood at £338m up 16 per cent from the previous year.
Fiona Hoyle, head of consumer and mortgage finance at the Finance and Leasing Association (FLA), said: “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November.
“The average value of second charge mortgages in November grew by three per cent compared with the same month in 2018 to £44,530.”
Consumer finance growth
Separate figures from the FLA showed consumer finance grew by two per cent in November.
Credit card and personal loans increased by two per cent compared with the same month in 2018, while retail store and online credit new business fell by one per cent.
At the same time, the consumer car finance market dropped by one per cent in November.