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."
Need financial Advice?
If you have any personal finance questions related to this news article, please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
Is your overdraft at risk of being called in?
While the vast majority of the UK population are likely to have an overdraft facility which is possibly in use at the moment, there are concerns that UK banks are looking to reduce their exposure to risk yet further. We have seen similar action in the credit card industry, with some customers having their credit limits reduced and a portion of their debt requested via the "payment upon demand" sma...
Read MoreParents going for broke
Children are at risk of inheriting debts from their parents if adults in the UK do not take out life insurance policies, according to Life-Insurance-Online. Over 30,000 Brits were declared bankrupt during the first quarter of 2007 according to government figures and household debt reached £1.3 trillion in the UK in an April study by Ernst & Young.Credit borrowing has become a part of everyday lif...
Read MoreCelebrities and businesses voice anger at Royal Bank of Scotland
The Royal Bank of Scotland, which has effectively been bailed out by the UK government and UK taxpayers, is this weekend under significant pressure from celebrities and businesses up and down the UK. There are concerns that the Royal Bank of Scotland has taken billions upon billions of pounds of taxpayer's money and nothing has been given back to the UK economy or the UK taxpayer as yet. Indeed...
Read MoreCo-op turns away unethical loans
The Co-operative Bank has turned away £700 million in loans for ethical reasons in the last 15 years. The bank, which markets itself as the high-street leader for ethical banking, has rejected loans from companies involved in fossil fuels, arms dealing, tobacco and those linked to human and animal rights violations, as part of its ethical and ecological policy.Ethical banking is a growing area -...
Read MoreUnited Arab Emirates moves to quell fears over Dubai
The United Arab Emirates Central bank has today confirmed that "it stands behind" both local and foreign banks operating in the region who may be affected by the probable, and almost imminent, default by the Dubai authorities. Indeed the United Arab Emirates Central bank has confirmed that significant additional funding will be made available for those banks operating in the region to allow them t...
Read More