Secured lending continues to increase
09/04/2015
Secured lending in the UK has seen its 40th consecutive month on month increase, as the latest Secured Loan Index from Loans Warehouse shows an increase of 10.5% in February.
In February, lending figures reached £64,375,673 for secured lending. This is one of the highest levels of lending since October 2008, despite it being one of the shortest months of the year, and was an increase of 35.8% from February 2014.
So far, 2015 has been a good year for secured lending, as gross lending figures for January and February this year were 18% higher than the first quarter of 2013. This could be due to the current surge in fixed rate loans, as in the last 12 months many lenders have started to offer them for the first time.
Matt Tristram, Co-Founder & Director of Loans Warehouse, comments:
"With the Financial Conduct Authority taking over regulation of the second charge industry, it is noticeable that the changes lenders are making are drawing us more in line with first charge products.
"It’s not all about that though. Lenders making changes to their product offerings, such as the introduction of new fixed rates and Buy-to-Let options, is a demonstration that they are listening to what consumers want and where they see future areas of growth."
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