16% year-on-year rise in secured lending

Published on

loanswarehouse-2013

Secured lending in 2013 will, by mid-September, surpass the total lending volume for 2012, according to Loans Warehouse’s secured loan index for August 2013.

However, August figures were down 13.43% on the previous month. Despite this, August 2013 showed a monthly, year on year increase of 15.60% compared to August 2012, which stood at £34,675,253.

Michael Coogan, former director of the CML and the new strategic adviser at Loans Warehouse, said: “The secured loans market is on the up and up. With rates starting below 6%, borrowers are increasingly recognising that their financial needs can still be met when they cannot remortgage or get a further advance from their mortgage lender.”

“FCA regulation of consumer credit starts next spring. The second charge market’s reputation will be enhanced by the move away from the Office of Fair Trading, and it will be even easier for mortgage advisers and second charge brokers to work in tandem for their clients’ benefit.”

“Loans Warehouse has been leading the way to promote the sector through its Secured Loan Index. I look forward to working with them on their new commercial initiatives to build profitable business relationships with select partners, and to help with the transition to the FCA over the coming months.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...

£1 billion lost annually as 50,000 London social homes used fraudulently

A shocking new report reveals that around 50,000 social housing properties in London are...

Other news

Spring surge in property listings creates market opportunities

The average asking price for newly listed properties has risen by 1.1% (+£3,876) this...

Secure Trust Bank Commercial Finance appoints senior portfolio director

Secure Trust Bank Commercial Finance (STB CF) has announced the appointment of Carl Pykett...

Inflation expectations rise slightly as BoE releases latest survey

Public expectations for inflation and interest rates have edged higher, according to the Bank...