The AFB research revealed that half of all respondents, or their firms offered advice on secured loans, with 40 per cent of firms having between two and 10 advisers able to provide guidance on the products.
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56 per cent of intermediaries advised on between one and 10 secured loans in the past month, with 18 per cent of advisers placing business with over 10 lenders.
Robert Sinclair, director of the AFB, said: “In recent years mortgage intermediaries have been saying they want, or intend, to become more involved in offering advice on secured loans.
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“Brokers are increasingly using secured loans as an appropriate part of their advice to customers.”
However, the study indicated that 20 per cent of firms did not offer payment protection insurance, while 90 per cent were not members of the Finance industry Standards Association (FISA).
Mike Pendergast, IFA at Zen Financial Services, said: “More providers have come onto the market. The further growth of the market could well depend on lenders’ policies, but greater product innovation in the secured loans sector could help the market.”
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He added: “Secured loans are an alternative in the marketplace, but if lenders change their loan-to-value stance then the secured loans market could fall.”
