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Feburary sees £64m in secured lending
New figures from Loans Warehouse’s secured loan index show that monthly lending is up 10.5 per cent from January 2015 as lending in February surpasses £64 million.
By February, 2015’s secured lending of £112 million exceeded the total taken in Q1 of 2013. In addition to this, February recorded a 35.8 per cent monthly annual increase.
Co-founder and Director of Loans Warehouse, Matt Tristram, has put the results down to fixed rates which he believes have been surprisingly rare in the second charge industry.
“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,” said Matt.
“Last month Prestige Personal Finance, Optimum Credit and Nemo Personal Finance announced fixed rate options were being added to their secured lending ranges, joining Paragon Personal Finance, Shawbrook Bank, Precise Mortgages Secured Loans, Central Trust, Blemain Finance & Clearly Loans who all have offered fixed rate options for some time.
“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.”
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