11 March 2008
During January, a record number of secured loans were finalised at Pink Home Loans, the company has said.
In comparison to the same month last year, the level of business the firm saw rose by 20%, it revealed, as reported by mortgage strategy.
And the value of this business at the firm rose by 40% in comparison to January 2007, it added.
Pink Home Loans Associate Director of Marketing and IT Neil Hoare suggested that such products have been taken out as people look to manage existing debts.
He told the news source: "The start of the year is typically a popular month for secured loans, largely due to individuals wanting to consolidate debt following Christmas spending."
Mr Hoare added that a secured loan offers people an alternative to other products such a unsecured loans.
The Promise Group's Managing Director Steve Walker recently said that there is potential on the UK market in the secured loans sector for international lenders, reports the Financial Times Advisor.
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