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Seconds to help limit home possessions increase
The second charge industry will be able to limit the predicted future growth of mortgage possessions in the next five years, according to Enterprise Finance.
Harry Landy, Sales Director at Enterprise Finance, was reacting to analysis from Arrow Global which predicts a 9% rise in mortgage possessions, and he believes that this will trigger an increase in second charge lending.
Harry said: “The latest Enterprise Finance Secured Loan Index shows that debt consolidation is already one the most popular reasons to take out a second charge loan and we would expect this to increase in future.”
“The introduction of the EU’s Mortgage Credit Directive next month will ensure that secured lending remains responsible and borrowers are properly protected.
“This regulation will increase consumer confidence, as they will feel more confident turning to secured finance as a viable alternative to remortgaging.
“By providing help to those in need, the secured loan industry can help limit the future growth in home possessions.”
The Arrow Global report says an increase in consumer confidence has resulted in increased lending -which will eventually lead to a rise in interest rates – and it is this rise that could catch some consumers out.
Caroline Siarkiewicz of the Money Advice Service, said: “Consumer borrowing is at a record level and that, combined with any potential rise in interest rates, could be putting a large number of people at risk.
“Although it is unlikely that interest rates will rise until next year, people who have taken out credit may be hit with a nasty shock when this does happen, and find themselves unable to afford their repayments.
“We are working with both debt advice providers and creditors to encourage people to prepare for any rate rises. In the meantime, if people are concerned about their debt or have money worries, seeking help as early as possible is key.”
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