There was an 11% growth in overall consumer finance new business in the 12 months to August 2014, according to latest data from the Finance & Leasing Association (FLA).

Second charge mortgage new business grew 31% by value and 3% by volume in August, compared with the same month last year. It totalled £46 million in August, and £144 million in the three months to August.

Meanwhile, retail store and online credit was up 9% in August.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The growth of retail store and online credit illustrates the continued importance of consumer credit to the high street and the economy.”