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Secured loans 'rising, but still low'

Secured loans 'rising, but still low'

Category: Loans

Updated: 31/10/2008
First Published: 27/10/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The value of secured loans approved by lenders rose last month, figures have shown.

According to the British Bankers' Association (BBA), mortgage lending in September increased by £3.6 billion.

However, the approval of secured loans remains significantly lower than a year ago, with the total of all mortgages down by over 40 per cent.

Statistics director at the BBA David Dooks noted that the figures represent lending before the government announced support for banks, so low levels are unsurprising.

"Compared to a year ago, the mortgage environment has changed significantly, with supply restricted as a consequence of the situation in financial markets and demand at a much reduced level," he said.

Unsecured loans were also found to have remained at a low level.

The Royal Institution of Chartered Surveyors noted that the government rescue plan could see a rise in approvals in the future, as more credit is made available.

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