The loans market has undergone massive growth over the past decade, particularly over the past 12 months.
Central to this growth has been the increased product diversity and flexibility available. New lenders have entered the market, interest rates have fallen and consumer and intermediary interest is on the up.
Now viewed as a suitable and valid alternative to remortgaging, secured loans present a vast array of opportunities for borrowers to utilise them, including improving current property, as well as the growing trend as the alternative to remortgaging.
Due to the diversity of the secured loans market and the opportunities and uses for such products, it is no surprise that the market has grown.
It has also managed to rid its tag of the ‘unsuitable’ market and is now very much a growing sector.
Although never likely to challenge the more mainstream market areas, partly spurred on by the introduction of Financial Services Authority (FSA) regulation of the wider mortgage market, secured loans have grown in both confidence and importance.
For intermediaries, the secured and unsecured loans markets provide fantastic opportunities, if utilised correctly. Although some remain sceptical of their use, there is no doubt that consumers, intermediaries and lenders have adopted strategies to take advantage of this growing market sector.
