"The secured loan industry confidently stated at the start of lockdown 2 that it was business as usual and that is exactly what the results show"
Completions totalled 2,042, a 12% increase compared to October, however the average submission to completion time increased from 11 to 13 days.
Figures released in August 2020 by the FLA showed 100% growth in second charge lending since lockdown in May, with Loans Warehouse predicting in September that figures would double again in Q4 2020.
Matt Tristram, managing director of Loans Warehouse, commented: "In September, Loans Warehouse publicly predicted that secured lending figures would double again in Q4 of 2020. The results of November’s Secured Loan Index confirmed this bold prediction was right as lending reached £80.2m.
"The secured loan industry confidently stated at the start of lockdown 2 that it was business as usual and that is exactly what the results show, with continual improvements to both product ranges and service reported throughout November.
"West One has announced a reduction in rates specifically for self-employed borrowers with a minimum of two years trading, whilst United Trust Bank announced an increase in LTV to 80%.
“We’re now predicting that Q1 of 2021 will see lending volume return to pre-pandemic levels, with rumours that several lenders have new product ranges and significant pricing decreases planned for the start of 2021."
To see the full report, visit https://www.project-insights.co.uk/securedloanindex/november-2020.
