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Exclusive: FLA stats confirm secured loan surge

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Exclusive: FLA stats confirm secured loan surge

Figures to be released tomorrow will reveal that in the 12 months up to May 2012, £304 million-worth of second charge business was done, establishing that the secured loans industry is continuing to pick up pace.

The figures, released by the Finance and Leasing Association (FLA), indicate that this is the seventh consecutive month that secured lending has increased and is the second consecutive month that FLA secured loan members lent more than £300 million in a 12-month period. This is a figure not seen since the year up to and including November 2010.

This further strengthens the suggestion that both brokers – who are increasingly utilising this type of finance for their clients - and lenders are turning to this kind of finance.

The latest statistics by the trade body for the consumer credit industry confirms that May 2012 saw £28 million of secured lending, bringing the total of the three months up to May 2012 to £79 million.

Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, commented: “The second-charge mortgage market grew by 17 per cent in May compared with the previous May, but the market remains at a low base. In May, the number of new second mortgages was 1,090, with an average advance of about £25,700, slightly down on last month’s average.”

Table 1: Secured lending in 2012

 

 



The positive changes made by lenders, with lower headline rates, bigger loans, smaller rates and new hires, have surely impacted on the statistics which emphasise the continuing growth in the market.

This is great news for the industry, and brokers who are finally seeing the benefits for their clients, which can only help confidence to return to the secured loans sector.

The full details of the FLA’s consumer credit lending statistics, which includes loans obtained from store cards, credit cards and personal loans to store instalment credit and car finance, will be revealed tomorrow.

 

By Jason McGee-Abe

 




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