Secured lending hits £65.5m
This marks a 12% increase month-on-month and a 30% increase compared to the same month last year.
Sam Busfield, co-founder and director of Loans Warehouse, said: “There is no doubt that the industry has continued moving in the right direction.
“The ceaseless increased competition between lenders has led to interest rates once again reducing and additional products being brought to market – good news for all concerned.
“However, as the market becomes more and more competitive, the lenders are moving away from simply reducing their interest rates and have started to concentrate more on other aspects – loan sizes, LTVs, fees, ease of use, significant investment in IT systems – and, again, this is fantastic news for both consumers and intermediaries.
“Month after month we are seeing the curve move in the right direction, leading to a positive feeling throughout the industry.”
Due to Financial Conduct Authority regulation secured loans are now considered regulated mortgage contracts.
Busfield added: “That (hopefully) means being regarded by the wider financial markets on a par with first mortgages – and this opens up a whole host of opportunities for us and our customers.
“Being viewed as a regulated, professional industry offering genuinely viable alternative options to consumers is exactly where we are headed.
“We are all hopeful that over the coming months and years we will grow as an industry and that the lenders will continue to be creative with their product offerings – whilst continuing to be competitive.
“It’s for us to prove to our financial services colleagues that what we offer and how we operate is professional, with the consumers at the very heart of it.”