Although an increase was forecast by September’s index, this was surpassed as it was thought to be around £350 million. The figures were taken from such industry figures as The Loans Engine and highlighted that secured lending increased by 23% during 2012 from the previous year’s level of £286 million. The resurgence of the secured loan indicates that the product may well have become a mainstream form of refinance once again.
The fourth quarter of 2012 was a very positive one indeed, the gross lending level of £90.7 million was in fact a 27% increase on the same period from 2011 where just £71 million was lent. Secured lenders in the United Kingdom paid out £24.5 million in December of last year; this was a 22.5% increase on December 2011 as just £20 million was borrowed via a secured loan.
The encouraging figures are continuing a trend that has been emerging for fourteen months now whereby lending has increased monthly when look at year on year. As mentioned, last month was the best December the secured loan industry has seen since 2009 when lenders advanced around £30 million.
To learn more about secured loans or to enquire about any of their products, visit The Loans Engine by clicking this link (https://www.theloansengine.co.uk/