At the start of 2015, the lending industry gave its predictions for the year, and secured loans was a trend I highlighted to watch.
Economic confidence is certainly growing, yet we all agree there is still a gap in the market when it comes to mainstream forms of lending.
Together is already meeting this demand, and recent figures show secured loans have had a big part to play in this. Monthly secured lending soared in July to £85.5 million, with completions increasing by 14 per cent from May to June, then jumping a further two per cent in July. This marks a year-on-year improvement of 21 per cent more second charge activity this July compared to July 2014.
From January to the end of July, the total value of secured loans stood at £849 million and annual secured loan lending figures are on track to succeed the £1 billion mark by the end of this year.
Experience here at Together exceeds the market trends and we’ve had a fantastic year, with an increase of nearly 60 per cent in our second charge lending for the 12 months to June 2015.
Our own research amongst intermediaries found that 38 per cent of brokers said secured loans had been the most successful part of their business, with 55 per cent saying that it would be an area on which they would be concentrating in the future, demonstrating an increase in interest from intermediaries and customers alike.
Together’s appetite to lend in this sector will certainly continue to grow because we can see the demand, and we work closely with brokers to ensure we’re meeting their needs.
Robb Jupp at Brightstar said:
“Over the years, I’ve worked in partnership with the Together team and their support has been invaluable in helping my business to grow, despite sometimes challenging market conditions.”
We’re confident that by continuing to take our flexible, common sense approach to lending, we’ll be able to meet the needs of many more individuals. Whether it be bridging finance, residential mortgages, secured loans, commercial or buy-to-let mortgages, our team of experts will work together with our broker network to deliver fast and flexible specialist finance solutions for customers.
The last 12 months have been particularly successful for us; we’ve more than doubled new lending and our loan book has grown by over a third, and we intend to continue in this vein as we move forward as Together.
We’ve already made extensive improvements to our infrastructure to support our plans for growth, and continue to expand our team of experts, with a number of regional appointments which will help strengthen our presence nationwide. It’s an exciting time and the outlook for the year ahead is certainly a very positive one.
