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Second charge lending smashes 2013's total


Second charge lending smashes 2013's total

According to the Secured Loan Index, after incorporating October’s record figures, lending in the second charge industry has bypassed last year’s achievements.

A total of £65,537,155 was lent in October leaving this year’s total at £533,263,718 surpassing last year’s total of £493,000,000.
 
The figures continue the trend of increased annual lending and October saw an increase of 130 per cent on the amount lent 12 months previously, the highest single-month figure since October 2008.

Co-Founder and Director of Loans Warehouse, Sam Busfield, said that there was no doubt that the industry is continuing to move in the right direction.

“The ceaseless increased competition between lenders has led to interest rates once again reducing and additional products being brought to market – good news for all concerned,” said Sam Busfield.

“The continued reduction in interest rates, from both a consumer’s point of view and an intermediary’s point of view, is never going to be anything other than good news.

“However, as the market becomes more and more competitive, the lenders are moving away from simply reducing their interest rates and have started to concentrate more on other aspects – loan sizes, LTVs, fees, ease of use, significant investment in IT systems – and, again, this is fantastic news for both consumers and intermediaries.”

Sam Busfield also points out that Shawbrook has reduced the minimum loan required to qualify for its Platinum product range and has removed the self-employed interest rate loading, therefore enabling consumers to benefit from the reduced rate.
 
“Their view on unsecured arrears has been modified, Shawbrook Two has been redesigned and their new DJ system has continued to be refined; no doubt there will be further improvements in the near future,” continued Sam Busfield.

“All are signs that Shawbrook are determined to maintain traction in the prime and near-prime sectors.”

Sam Busfield hopes that with the secured lending industry being regarded by the wider financial markets as on a par with mortgages will open up a whole host of opportunities for Loans Warehouse and its customers.

“Being viewed as a regulated, professional industry offering genuinely viable alternative options to consumers is exactly where we are headed.

“We are all hopeful that over the coming months and years we will grow as an industry and that the lenders will continue to be creative with their product offerings – whilst continuing to be competitive.

“It’s for us to prove to our financial services colleagues that what we offer and how we operate is professional, with the consumers at the very heart of it.”




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