on previous month at £41,994,482
Nine lenders report increased lending in July
nding since October 2009
Repossession rate falls to 0.06%
£(M)
10 20 30 40 50 60 70
JAN FEB MAR
Secured Loan The
“Almost without exception the lenders are looking to improve their criteria, increase their lending and grow the market. All of which is good news”
APR MAY JUN JULY AUG SEP OCT NOV DEC The Industry Standard brought to you by
have demonstrated once again that they listen to their brokers by simplifying their products.
Lenders are showing that they can be flexible. Not everything can be written into criteria; if a deal makes sense for the lender and the client then secured loan lenders are happy to make exceptions
www.mortgageintroducer.com .COM MORTGAGE
to ensure a deal completes. Something that is not always so available in the first charge market. Probably the statistic most people would have noticed in recent months is at long last we are starting to see growth within the mortgage market. The Bank of England mortgage data showed gross mortgage lending increased by 12% to £16.7bn in July representing a 12% monthly increase and a 29% uplift on July last year. What makes this interesting from the view of a secured loan broker is this is doing nothing to slow down the growth in secured lending, probably the clearest sign yet that the consumer’s appetite for borrowing or simply ‘a better deal’ is strong. We are by no means “out of the woods” yet, but the signs of recovery continue and secured lending is leading
Champion of the mortgage professional
the way. Almost without exception the lenders are looking to improve their criteria, increase their lending and grow the market. All of which is good news.
FINAL THOUGHT It was reported earlier this month that research carried out by bridging lender United Trust Bank suggests the majority of bridging loans take between two and four weeks to progress from application to drawdown. Whether it’s your opinion that this is ambitious or reality, what it does suggest is a bridging loan is no quicker to arrange than a secured loan, with the latter benefiting from no upfront costs, no legal fees and on the whole lower rates.
Matt Tristram is joint managing director of Loans Warehouse
Secured Loan Lending 2009 to 2013 - Figures £(M)
2009 2010 2011 2012 2013
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.
Secured Loan Index
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.
FOR ALL YOUR SECURED LOAN NEWS MORTGAGE INTRODUCER SEPTEMBER 2013 MORTGAGE INTRODUCER MARCH 2012 41
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52