Figures from the Finance and Leasing Association (FLA) showed the value of new business in the month reached £27m, a decline of 74 per cent compared to last year. 

For the 12 months to June, the value of new second charge business reached £1.03bn and there were 23,156 agreements.

Compared to the previous 12 months, both the value and number of agreements saw respective falls of 11 per cent. 

Geraldine Kilkelly (pictured), head of research and chief economist at the FLA, said: “The relatively slow recovery in second charge mortgage new business volumes reflects the gradual re-opening of the economy and continued household caution as the outlook for employment and the progression of the virus remains uncertain.  

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“Lenders are continuing to do all they can to support customers during this challenging period and customers experiencing payment difficulties should contact their lender as soon as possible.”