Loans Warehouse’s latest secured loan index has revealed that January recorded the best month-one lending figures for six years, at £58,236,782.
These figures represent an increase of 14.1% on December 2014 and mark the 39th consecutive monthly year on year increase.
Matt Tristram, co-founder and director of Loans Warehouse, said: “It’s fair to say that the secured loan industry has picked up where it left off at the end of 2014, with continued monthly growth reconfirming that as an industry we continue on the right path.”
Masthaven Secured Loans, Blemain Finance and Central Trust all reduced rates again, with headline rates now 7.60%, 7.63% and 9.10% respectively.
The latest new entrant to the market, Paragon Personal Finance, reduced its lending rates announced in October 2014 and introduced fixed rate products.
Tristram added: “We believe the competition for secured loans against buy-to-let properties is about to really increase and as a starter Shawbrook Bank have reduced rates on their buy-to-let range whilst increasing the availability of the ‘valuation bypass’ option to further reduce costs and processing times.
“Evolution Money have released their first buy-to-let range with rates from 12.7% on a market leading 90% LTV.
“2015 was always going to be interesting following what has to be viewed as a successful previous 12 months, so it’s great to see that lenders and brokers have maintained the same trajectory.”