View more on these topics

Secured loan lending exceeds £30m for fifth consecutive month

Secured loan lending exceeded £30m for the fifth consecutive month in November.

Second charge lending totalled £34.3m in November, up 7.5 per cent on the £31.9m advanced in October and a 22.5 per cent increase from the £28m advanced a year earlier.

To the end of November, overall secured lending stands at £327.1m in 2012. The highest year-end total was in 2009, when a total of £566m was advanced to customers.

Loans Warehouse joint managing director Matt Tristram says: “We have had uninterrupted levels of over £30m for five straight months now and demand for secured loans has remained relatively consistent.The key to recovery is a stable market and compared to the irregular 2011, I think it is reasonable to say that the market is in excellent health.

“Over these last few months, awareness of secured loans has increased substantially- especially among brokers. This was a key challenge when we first launched the index and so it is encouraging that more mortgage networks are ensuring they have a secured loan offering through a master broker.”

Tristram adds that the sector will experience further growth next year.

He says: “All in all, this year has been a great year for the secured loan industry but I believe 2013 will be the year. Improved confidence in alternative lending and continued innovation from the lenders should be a huge impetus on the market in the coming months and drive the second charge lending market further forwarding 2013.”

Recommended

No relief for renters in 2013

Private renters should not count on any relief in 2013, says the Association of Residential Letting Agents.

MS Spotlight 17 Dec
1

Media Spotlight: BBC 1 ‘You’ve been scammed’

The BBC dedicated a segment of its fraud awareness programme ‘You’ve Been Scammed’ last week what it described as a “truly audacious scam” whereby two fraudsters attempted to dupe bridging finance company Masthaven into handing over £1.5m. In March 2010, an independent mortgage broker contacted bridging lender Masthaven, claiming to represent two wealthy Middle-Eastern brothers […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]

Newsletter

News and expert analysis straight to your inbox

Sign up