The number of new second charge agreements rose by 31% year-on-year to reach 2,392 in March, the Finance & Leasing Association (FLA) has found.
In March there was £108m worth of new second charge business, up 25% year-on-year.
In the three months to March the value of new second charge business was £292m, an increase of 19% from the previous year.
Fiona Hoyle, head of consumer and mortgage finance at the Finance & Leasing Association (FLA), said: “In March, the second charge mortgage market reported its highest level of monthly new business volumes since October 2008.
“It is a competitive and innovative market for consumers, with a growing number of broker partners.”
In the three months to March there were 6,500 new second charge agreements, up 25% year-on-year.