Around 2,658 agreements were placed in the month, while the value of those loans grew 14 per cent to £114m.
Looking over the three months up to the end of October, the number of second charge agreements again rose 15 per cent, with the value of them jumping 14 per cent, while on an annual basis the value of second charge mortgage agreements rose by 20 per cent and the value increased 17 per cent.
Fiona Hoyle (pictured), head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market has reported strong new business growth in 2019, with volumes likely to reach over 28,000 in the year as a whole.
“The market is expected to continue to grow in 2020 but at a slower pace than in 2019.”
Other figures released by the FLA revealed that the value of store and online credit deals agreed in October rose one per cent to £818m.
However, credit card deals fell two per cent and car finance deals dropped three per cent over the month.