Secured Loans - UK - February 2016
“Secured loans are experiencing a revival, following a dramatic decline in sales a few years ago due to the impact of the financial crisis. The market faces regulatory overhaul in 2016, which will bring greater attention to secured loans and change the way these products are viewed by both brokers and consumers. It may finally be time for the market to move away from being seen as a last resort lending product.”
– Jessica Galletley, Financial Services Analyst
This report discusses the following key topics:
- Moving beyond a product of last resort
- Consumer education is key to growth
- Broker proactivity will unlock potential borrowers
Increasing consumer confidence and demand for credit has driven lending, whilst changing consumer attitudes and product innovation has opened up secured loans to a wider range of potential borrowers. Strong growth is forecasted for the next five years, with Mintel expecting the market to more than double in size by 2020.
Secured loans are still viewed by many as a last resort option, with consumers preferring unsecured forms of credit that pose less of a risk to their home. A lack of consumer awareness of how secured loans work and when they could be a better solution than other forms of borrowing also presents a challenge. However, with the Mortgage Credit Directive (MCD) set to align first and second charge mortgages from March 2016, the way both brokers and consumers view secured loans is set to change.
This report examines the performance of the secured loans market. It identifies key market drivers and competitor activity in terms of product and service innovation. It also explores consumer ownership of and attitudes towards secured loans, along with potential reasons for use and use of sources when seeking information about loans secured on a property.
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