37% monthly rise in second charge new business

July saw an 8% rise in consumer finance new business, compared with the same month last year, according to latest data published by the Finance & Leasing Association (FLA).

The second-charge mortgage market reported new business up 37% by value in July, while the number of new second-charge mortgages grew by 5% to 1,826 compared with July 2014.

The total amount of second charge mortgages issued by FLA members was £74m.

Point-of-sale consumer car finance grew by 15% in the same period, while retail store and online credit was 4% higher than in July 2014.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “July saw growth across the main consumer finance products. Over the last 12 months consumer finance provided by FLA members grew by 6%, which is line with our own research which suggests growth of between 7-8% in UK new consumer credit in 2015 as a whole.”

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