Consumer finance new business grew by 2% in November, compared with the same month in 2017, according to the Finance & Leasing Association (FLA).

The star of the show was second charge mortgage new business, which increased 21% by value and volume over the same period in 2017.

Credit card and personal loan new business together grew by 1% compared with November 2017, while retail store and online credit new business increased by 2%.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The consumer finance market reported modest growth in November reflecting subdued consumer confidence in the run up to Christmas.

“The latest figures suggest single-digit new business growth in 2018 as a whole.”