There were 28,512 new second charge mortgages agreed in the 12 months to February 2020, and some 2,435 of these were approved in the month. During February last year, there were 2,163 agreements.
The three months to February also saw a 13 per cent increase in second charge volume, with 6,670 agreements completed in the quarter.
The value of new second charge business reached £107m in February, nine per cent up from last year’s £98m.
For the 12 months to February 2020, the value of new second charge mortgages amounted to £1.3bn, 18 per cent higher than the £1.1bn seen last year.
The three months to February saw £305m worth of new second charges completed, 16 per cent more than the same period the year before.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market made a positive start to 2020, but the mortgage market faces serve disruption from the impact of the coronavirus on the economy.
“Lenders are doing their best to support customers during these unprecedented times, and any customer facing repayment difficulties due to the coronavirus should contact their lender as soon as possible.”