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47% of borrowers use second charge loans for home improvements


47% of borrowers use second charge loans for home improvements

Home improvement was found to be the most popular reason for taking out a secured loan, following a loan.co.uk survey…

The survey asked 2,000 people if they had taken out a secured loan and of the 786 people who said yes, 47% had borrowed money to renovate their home.

Paul McGerrigan, Chief Executive of loan.co.uk, said the results reflected the growing consumer confidence across the UK and believed we were now in a much more stable economic climate.

“Home improvement remains the most popular reason for taking out a secured loan, mainly because people recognise the lifestyle benefits it can bring, as well as the value it can add to a home,” said Paul.

“With increased spending confidence, I expect more people to be considering taking forward home improvement plans as we enter summer.”

The survey also found that 27% of people took a secured loan to consolidate debts while 5% said they used the money to fund a business.

Paul added that despite the recovering economic outlook it was clear that some people have still over-leveraged themselves to get through the very long and drawn-out recession.

“As this trend continues amongst UK consumers, financial restructuring will remain a key area of growth in the secured loans space,” added Paul.

“I would stress that it is important to restructure responsibly and ensure that customers understand the importance of obtaining only a level of debt that they can afford now and in the future.”

Recent figures by the Finance & Leasing Association revealed that secured lending increased by 26% in April 2015, which Paul put down to a number of factors including stronger GDP figures, a new stabilised Parliament and the growth of house prices.

He also believed that secured loans were becoming increasingly aligned with mainstream borrowing products such as unsecured loans, car loans and remortgages.

He added: “The industry has certainly responded to the increased demand from consumers with the number of lenders and lending products shooting up in the last 18 months.

“More importantly, the funds available to lend within the secured lending arena during this time have more than doubled.

“This increased appetite to lend has brought more competition, better rates and more innovative products for consumers.”

 





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