Secured loan brokers say that they are seeing an increase in enquiries for secured loans, following Beacon’s withdrawal from self-cert.

Your Broker Network stated it is seeing more mortgage brokers approach it for access to self-cert secured loan products due to the ban of mortgages for self-cert.

However the max LTV available is only 55%, so any enquires needing more than this will need an accountant’s reference letter.

The group also commented that its enquiry levels are now 50% higher than the previous six months and over 65% of those enquiries are coming from brokers looking to capital raise.

Dave Pinnington, Business Development Director at the the firm, said: “Savvy brokers are recognising that secured loan providers [...]can still provide them and their clients with facilities to place their sub-prime and self-certification cases.

“As the number of mortgage lenders still specialising in these areas have cut back or pulled out altogether, we have seen enquiry levels increase substantially.

“Since Beacon Homeloans’ announcement of pulling out last week, our daily enquiry rate has doubled.”

He adds: “Brokers are thrilled that we are still able to help them and particularly so because the average loan case completes more quickly than a remortgage and the client has no upfront charges to face. We are expecting a lot more interest coming up to Christmas.”