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Secured loan lending up nearly 50 per cent in August

Lending for the secured loan market increased by nearly 50 per cent in August compared with the same period in 2011.

Figures from Loans Warehouse show that second charge lending increased from £24m in August 2011 to £34.6m in August 2012, representing the largest annual growth rate in over three years.

Loans Warehouse joint director Matt Tristram says: “According to recent reports, although it has been five years since the Northern Rock crisis, it has never been harder to get a mortgage. This distinct lack of appetite for risk in the first charge sector is forcing borrowers to seek finance elsewhere and these figures make it clear exactly where they are looking!”

Gross lending totalled £34.6m in August, a 6.6 per cent rise from the £32.3m lent in July, representing the second consecutive month where lending has exceeded 2009 figures. managing director Chris Morling says: “With mortgage lending still at a comparative standstill and borrowers’ options somewhat limited, it’s reassuring to see that the secured loan market is not only becoming a viable alternative for homeowners looking to borrow, but also a more affordable one too.”


Fixed-rate deals most popular option in over three years

The percentage of borrowers selecting fixed-rate deals rose to the highest level in over three years in August. The Mortgage Advice Bureau’s latest mortgage index shows that 83.1 per cent of borrowers selecting fixed-rate deals for purchase applications in August, representing a 3.8 per cent rise on July. This is the most popular that fixed […]

SRA probes conveyance firms over fraud risk

The Solicitors Regulation Authority is conducting a review of the current practices of conveyancing firms to reduce the risk of mortgage fraud. Following the review, which is due to run until the end of 2013, the regulator will update its draft supervision and enforcement strategy for conveyancing, a first draft of which was originally published […]

Chelsea cuts rates across product range

Chelsea Building Society is making rate cuts across its product range from Thursday. The cuts will affect selected fixed rate and tracker mortgages at 70 per cent and 90 per cent LTV while £500 cashback products are also being introduced to help purchasing and remortgaging customers. A two year fixed rate mortgage at 70 per […]

FOS sees increase in consumers submitting own PPI complaints

The Financial Ombudsman Service last week revealed it had seen a shift away from the use of claims management companies, with half of payment protection insurance complaints referred directly by consumers. The FOS has published its latest complaint data today showing the most complained about firms between 1 January and 30 June this year. It […]

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk


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