Freedom sees record month of secured lending

September saw over £6 million worth of secured loans completed through Freedom Finance’s secured loan sourcing system. The results show a significant increase in secured loan volumes since the FCA took over control of the industry from the less proactive Office of Fair Trading.

In March, the month before the FCA took responsibility for the market, secured loan volumes were more than 30% lower, at £4 million. Across all secured and unsecured loans, lending via Freedom Finance has risen by over 33% since the start of the year to almost £17 million in September.

Nicola Georgiou, managing director of Freedom Finance, comments:

“With the FCA now proactively tackling any lenders which don’t act in the best interests of their customers, borrowers and brokers alike have become more and more confident in homeowner loans as a reliable source of finance.  Alongside the reputational boost, the booming housing market, rise in consumer confidence following the end of the downturn and the prospect of rising interest rates in the near future have all contributed the popularity of secured lending.

Georgiou continues,
“Alongside these industry-wide changes, many lenders are currently offering some of the best options for borrowers that we’ve seen in a long time, which is leading to an additional uplift in the consumer appetite for loan products.”