Author: Mintel Group Ltd.
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Secured Loans - UK - February 2016
Overview
 
What you need to know 
The secured loans market has seen strong growth over the past five years, with Mintel estimating a 24% increase in lending in 2015. Increasing consumer confidence and demand for credit has driven lending, whilst changing consumer attitudes and product innovation has opened up secured loans to a wider range of potential borrowers. Strong growth is forecasted for the next five years, with Mintel expecting the market to more than double in size by 2020.

Secured loans are still viewed by many as a last resort option, with consumers preferring unsecured forms of credit that pose less of a risk to their home. A lack of consumer awareness of how secured loans work and when they could be a better solution than other forms of borrowing also presents a challenge. However, with the Mortgage Credit Directive (MCD) set to align first and second charge mortgages from March 2016, the way both brokers and consumers view secured loans is set to change.

This report examines the performance of the secured loans market. It identifies key market drivers and competitor activity in terms of product and service innovation. It also explores consumer ownership of and attitudes towards secured loans, along with potential reasons for use and use of sources when seeking information about loans secured on a property.

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