Secured Loan Index
Best month for secured le
Secured Loan The
Matt Tristram says secured loans are still in vogue
Secured Loan The
Total lent this year to date
Last month’s Secured Loan Index once again reported another milestone in secured lending with the £45,000,000 barrier being broken for the first time in nearly four years; this was after nine of the 12 lenders reported month-on-month increases in July 2013. June’s figure was a slightly disappointing £41,994,482 but the longer month of July proved positive with lending figures jumping up by 10.2% to £46,305,181.50.
July 2013 shows a monthly year on £41,994,482
year growth of 44% compared to July 2012 figures of £32,000,000 – in 2013 it took until October to lend as much.
Total lent this year to date
Best month for lending since October 2009
July’s lending up 10.2% on previous month at
Despite the continued growth, new figures released by the FLA last month showed that the number of repossessions in Q2 of 2013 continues to be at an all-time low, just 183. Geraldine Kilkelly, chief economist at the FLA was quoted as saying: “While the volume of repossessions has risen in the second quarter from a very low base in 2012, the possessions rate has actually fallen from 0.08% in Q1 2013 to 0.06% in Q2 2013.”
Despite the size of the sector, the
Nine lenders report increased lending in July
July’s lending up 10.2% on previous month at
Repossession rate falls to 0.06%
£41,994,482
Nine lenders report increased lending in July
Repossession rate falls to 0.06%
LOANINTRODUCER MORTGAGE
The Secured Loan Index can report another milestone in secured lending with the £45,000,000 barrier being broken for the first time in nearly 4 years; this was after 9 of the 12 lenders reported month on month increases in July 2013.
£(M) 40 MORTGAGE INTRODUCER SEPTEMBER 2013
50 60 70
Secured Loan The
10 20 30 40 50 60 70
www.mortgageintroducer.com
secured loan industry is one of the few financial areas where the broker has the responsibility for instructing and paying for a valuation. Clients cannot be charged an upfront fee so it is down to the broker to cover any arrangement costs, including that of the valuation, unlike in the mortgage or bridging finance sectors. The much reported valuation issues of recent months have seen appointment times for London and some Home Counties in particular taking weeks, even months in the worst
June’s figure was a slightly disappointing £41,994,482 but the longer month of July has proved positive with lending figures jumping up by 10.2% to £46,305,181.50.
July 2013 shows a monthly year on year growth of 44% compared to July 2012 figure’s of £32,000,000 – in 2013 it took until October to lend as much.
Secured Loan Lending 2009 to 2013 - Figures £(M)
The Secured Loan Index can report another milestone in secured lending with the £45,000,000 barrier being broken for the first time in nearly 4 years; this was after 9 of the 12 lenders reported month on month increases in July 2013.
June’s figure was a slightly disappointing £41,994,482 but the longer month of July has proved positive with lending figures jumping up by 10.2% to £46,305,181.50.
affected areas. This has led to some of the industry’s surveying firms using the situation to increase valuation fees. However, several secured loan lenders, including Prestige Finance, have started to accept the use of desktop valuations for the first time since becoming part of the One Savings Bank group, whilst other lenders are turning to smaller valuation firms for improved service levels. We have now seen signs of forward thinking from the valuation community with Countrywide launching a valuer fast- track scheme to attract and develop new talent in the industry following growth in its market share. A particularly key area for any growth in secured lending is house prices, which in England and Wales continued to climb a reported 1% from June to July taking the average house price to £164,098, according to market trend data from the Land Registry. London and the East Midlands experiened the greatest monthly rise with an increase of 2.1%, while Wales and the North East saw the greatest decrease with a reduction of 0.5%.
July 2013 shows a monthly year on year growth of 44% compared to July 2012 figure’s of £32,000,000 – in 2013 it took until October to lend as much.
Champion of the mortgage professional Secured Loan Lending 2009 to 2013 - Figures £(M)
The lenders within the secured loan sector are continuing with their desire to lend more. Since last month’s Index we have seen Equifinance relax their property restrictions and start lending on flats, Blemain have reduced their minimum time in employment and Shawbrook
2009 2010 2011 2012 2013
JAN FEB MAR APR MAY JUN JULY AUG SEP OCT NOV DEC
2009 2010 2011
Best month for lending since October 2009
July 2013 Results July 2013 Results
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