Figures released by the Finance & Leasing Association (FLA) show growth of 3% in consumer finance new business in May compared with the same month a year earlier.

The value of second charge mortgage new business increased by 23% compared with May 2014. They totalled £59 million during May.

Meanwhile, point-of-sale consumer car finance grew by 9% in May.

By contrast, retail store and online credit fell by 3% over the same period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “May was a quieter month for FLA consumer finance providers, but overall the market continued to grow.

“Recent research by Oxford Economics showed just how important FLA consumer finance providers are to the UK economy. In 2014, they funded 7% of all UK consumer spending and supported 247,000 UK jobs.”