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.”
