Second charge lending up 26pc

The FLA recorded £59m worth of seconds mortgage lending in April, while volumes also rose by 9% in the period.

Geraldine Kilkelly, head of research and chief economist at the FLA, said: “New finance provided to consumers by FLA members has been growing at a steady rate and in line with forecasts for growth in 2015 as a whole.

“Our latest research suggests that new consumer lending is likely to grow by 7% in 2015.”

The increased levels of second charge lending outstripped other forms of consumer credit by value, as in April 2015 year-on-year car finance rose by 18%, retail store and online credit increased by 7% and credit cards and personal loans rose by 2%.