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The number of people taking out second mortgages on their properties leapt 29% year on year in May.

These are loans secured on the equity that people have built up in their homes.

Around 200,000 people have a second mortgage, borrowing an average of £46,000 each, according to the Finance & Leasing Association.

The sharp rise is causing increasing concern among debt charities.

It comes hot on the heels of Bank of England data showing the amount of credit we’ve taken out soared 10.3% in the past year to £199.7billion – the highest since December 2008 during the credit crisis.

Jane Tully, from the Money Advice Trust which runs the National Debtline, said: “We are concerned that some people are using second mortgages to consolidate credit cards and other loans – effectively turning unsecured debts into a loan secured on their home.”

If you’re struggling, don’t be tempted to build up more debt. Get free advice from Citizens Advice or call the National Debtline, 0808 808 4000, or StepChange Debt Charity 0800 138 1111.