There was 7% growth in consumer finance new business in October, compared with the same month last year, the Finance & Leasing Association (FLA) has reported.

Second charge mortgage new business was up 38% by value and 15% by volume over the same period. It totalled £76m in October.

Retail store and online credit was up 3% compared with October 2014, while credit card and personal loan new business together increased by 5%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “FLA consumer finance providers have reported steady growth in new business since July.

“Our latest research suggest that UK new consumer credit will grow by 10% in 2015 as a whole, with growth slowing to around 4% in 2016.”