There was an 11% rise in consumer finance new business in June, compared with the same month last year, and 7% growth in the second quarter of 2015 overall, according to the Finance & Leasing Association (FLA).

The value of second charge mortgage new business grew by 31% in June, totalling £63m.

The number of new mortgages increased by 7% compared with June 2014. The average second charge mortgage advance in June was around £38,000.

Retail store and online credit grew by 5% in June compared with the same month in 2014.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “June saw stronger growth across the main product lines as consumers used responsibly-provided credit to support essential household purchases. New consumer credit provided by FLA members grew by 6% in the first half of 2015 compared with the same period in 2014, which was broadly in line with growth in the overall UK market.”