The number of new agreements rose to 2,319 in October and were worth £104m, according to figures released by the Finance and Leasing Association (FLA).
In the three months to October, the volume increased by 12% to 6,377 cases with a value of £285m – an increase of nine per cent.
Over the twelve months to October 2018, the number of new agreements rose five per cent to 22,932, with the value increasing by three per cent to hit £1.048bn.
Credit card and personal loan new business together grew by 10% compared with October 2017, while retail store and online credit new business increased by 15%.
Head of consumer and mortgage finance at the Finance and Leasing Association (FLA), Fiona Hoyle (pictured), said: “In October, the second charge mortgage market recorded its strongest rate of new business volumes growth so far in 2018.
“With new business volumes up by 5% in the ten months to October 2018, we continue to expect single-digit growth in 2018 overall.”