There was a 17% growth in consumer finance new business in November 2015 compared with the same month in the previous year, the Finance & Leasing Association (FLA) has reported.

Second charge mortgage new business was up 31% by value and 13% by volume over the same period. £67m in second charges was lent during the month.

Retail store and online credit grew by 10% compared with November 2014, while credit card and personal loan new business together increased by 14%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The growth in new business in the run-up to Christmas reflects the strength of consumer confidence.

“New business growth in the 12-month period to November reported by FLA members held steady at 7% and, overall, the value of outstanding consumer credit in the UK at the end of November remained 14% below its 2008 peak.”