Secured lending sees 19th month of consecutive growth
The number of secured loans approved has continued to grow for the 19th consecutive month.
The latest figures from the Secured Loan Index from Loans Warehouse show that total secured lending stood at more than £43 million in May 2013, showing a 4.8 per cent growth since April.
The statistics show that secured lending is almost 50 per cent higher than it was this time last year. Commenting, Matt Tristram, director at Loans Warehouse said:
“The accurate figures shown in the Secured Loan Index prove that lending continues to grow for this sector. This is in part due to the wider audience the industry is attracting.”
According to the index, more and more lenders are starting to offer secured loans, including those to people who are letting their properties out, Tristram added:
“It’s well documented that lenders like Shawbrook, Nemo & Prestige Finance have greatly increased their maximum loan sizes in recent months to attract high net worth borrowers, the significant growth of the BTL (buy to let) secured loan continues to gather pace; it’s reasons like this, along with record low rates, that have seen greater media coverage for the sector.”
Secured loans have been receiving high profile attention recently, particularly as the industry grows and more and more people turn to secured loans over alternatives like remortgaging.