Second charge mortgage lending is on the up in 2017, according to the latest figures from the Finance and Leasing Association.

The amount lent out on a second charge basis has risen 12% since the start of the year, as more borrowers take advantage of low rates.

There were 1,851 seconds taken out in May, a 29% increase on the same month in 2016.

Fiona Hoyle, head of consumer and mortgage finance at the Finance and Leasing Association (FLA), said: “Second charge mortgage new business has ebbed and flowed over the past year, which was to be expected following the significant changes brought about by the market’s transfer into regulation in March 2016.

“While the market is still in the bedding-in process, in the first five months of 2017 new business was up 12% by value and 9% by volume, and May witnessed the third consecutive month of growth.

“Customers are borrowing for a wide range of reasons, including renovating or extending their property.”