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Secured loans strike £50m barrier
Second charge lending struck £50 million for the first time in four years, according to the latest figures in the Secured Loan Index.
The latest Secured Loan Index has revealed that 2nd charge lending has surpassed the £50 million mark for the first time since 2009, taking the total amount lent for the year to £405,584,000.
October was a lucrative month for the industry lenders associated with the index, with the report claiming that 80 per cent of the lenders reported a month on month increase.
Matt Tristram, Co-Founder & Director of Loans Warehouse & Clearly Loans, said: “The last few weeks have seen some encouraging headlines; the drop in the rate of headline inflation to 2.2 per cent; the Land Registry announced annual house price growth of 3.4 per cent; and mortgage approvals are at their highest levels since February 2008. But, for me, the most telling figure is that second charge mortgage possessions fell 11.7 per cent against the same quarter in 2012, according to the Finance & Leasing Association.”
“I don’t think I’m speaking prematurely when I say the worst of the credit crunch is behind us in the second charge market, but continued growth must be sustainable. Critical to this positive future trend will be good advice from brokers matched by sensible lending decisions, with the backdrop of new FCA regulation.”
“The latest figures from the FLA demonstrate that, in the past, the secured loan industry made responsible lending decisions to borrowers who can afford their loans, and we expect that positive picture to be reinforced by a new regulatory structure.”
“Through the month, we have seen criteria improvements from several lenders. Manchester based Blemain Finance have revamped its range and in doing so introduced its first single digit loan rate since the credit crunch. Norton Finance backed by recent additional funding have for the second month running reduced their headline rates, also taking the lender to single digit loan rates.
“The long awaited launch of Precise Mortgages Secured Loans edges ever closer. In attendance at this year’s FP Show, Simon Carr, Director of Secured Loans at Precise, released the first information on its new range due to launch later this month. This includes rates from 5.45 per cent, LTVs up to 85 per cent, and loans up to £1,000,000. More interestingly, product uses include deposit raising for buy to let, paying tax bills & business purposes. All three purposes have been areas secured lenders have traditionally avoided.”
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