New second charge mortgage business grew 31 per cent by value and 3 per cent by volume in in the 12 months to August 2014, figures from the Finance & Leasing Association show.
August saw £46 million of second charge lending taking the figure for the 12 months to August to £533 million, an annual rise of 34 per cent.
Consumer finance, which also includes car finance, retail store and online credit, credit cards and personal loans grew by 11 per cent on an annual basis to £71.3 billion.
In August consumer finance rose by 3 per cent in the month to £5.4 billion.
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.”
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