For the 23rd month in succession, September saw secured lending grow year on year, Loans Warehouse has established.
Total secured lending in September was £41,407,293, it said.
The firm’s Secured Loan Index reported that second charge lending is already up 4.16% on 2012 and, as we enter the final quarter of the year, the new entrants are now starting to announce themselves.
Its prediction is that 2013 lending will total £480,000,000, which would mark the strongest year since 2009.
“Matt Tristram, director of Loans Warehouse and co-founder of Clearly Loans, said: “Just as the Index was released last month, Masthaven Secured Loans reduced rates across the range, introducing their lowest rate to date of 9.95%, with a maximum loan of £100,000.
“Equifinance, the sub-prime secured loan lender, reduced their monthly interest rate from 1.95% to 1.60%, whilst increasing their maximum loan on their higher LTV products.
“Despite recent departures in the ranks at Nemo the lender set minds at rest with significant rate reductions across their already market leading range and the introduction of a new plan for larger loans ranging from £75,000 to £200,000.
“As a result of additional funding, Norton Finance significantly reduced reduced rates across the range, whilst increasing their maximum loan on their headline products, taking the maximum loan offered by one of the longest established lenders in the UK to £50,000 at 9.9%. Additionally they have also increased the use of AVMs up to 70% LTV and simplified proof of income for self-employed applicants, a trend others are following. Shawbrook Bank now class professional self-employed applicants in the same bracket as employed, removing the 1% loading that would have been previously incurred and now only asking for the most recent SA302 instead of the
last two.”