Since the announcement of Beacon’s withdrawal from the market, mortgage brokers have been scouring the market looking for alternative funding for self-cert and sub-prime clients.

Secured loans specialist V Loans said enquiry levels for secured loans were already running 50 per cent higher than six months before and over 65 per cent of those enquiries are coming from brokers looking to capital raise and finding that they cannot re-mortgage due to lack of the right facilities, particularly in sub prime and self certification.

Promise Solutions, another secured Loans broker, has also flagged rising enquiry levels for secured loans to Introducer Today. Steve Walker, managing director, said: "Secured loans are still available for BTL, mild and heavy adverse applications and those covering the full spectrum of self certification needs."

Dave Pinnington, business development director at V Loans, said: “Savvy brokers are recognising that secured loan providers like V Loans 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 the number of secured loan enquiry levels increase substantially.”

Posted 17/11/2009 12:09:38