Home A Loan

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Home A Loan


Future of Secured Loans


Key Findings


According to analysts at Datamonitor, the growth of secured loans in the UK is expected to slow over the next five years. While the market has surged by over 50% in the past five years, projections suggest a much slower annual growth rate of 5.3% through 2009. Last year, homeowners borrowed £16 billion secured against their property, but this figure is expected to increase only to £14 billion annually by 2009.

Market Trends


Datamonitor attributes the deceleration to the public's perception of a “soft landing” in the UK housing market. Maya Imberg from Datamonitor noted, “The rapid growth rates the secured lending market has enjoyed are set to cool.”

A recent decrease in house price inflation may be discouraging homeowners from taking loans against their property's increased value. Secured loans, often considered practical for large expenses like home improvements due to higher limits and lower interest rates, are now facing cautious consumer behavior.

Homeowner Behavior


Previously, rising home values led many families to increase mortgage borrowing for debt consolidation or significant purchases. This mortgage equity withdrawal generated around £1 billion between 2001 and 2004. However, fears of negative equity due to needing larger initial mortgages?"amidst slowing house price growth?"have made borrowers more cautious.

Personal Debt in the UK


As of July 2005, the total UK personal debt stood at £1.14 trillion, spiraling out of control at a rapid pace. Bankruptcy filings and home repossessions are also on the rise.

According to White Horse Mortgage Services, the primary reasons for falling behind on loan repayments are:

- Reduced income (e.g., loss of overtime): 26%
- Financial mismanagement: 25%
- Redundancy and unemployment: 14%
- Accident, sickness, or injury: 12%
- Relationship breakdown: 7%
- Over-indebtedness: 5%
- Other factors: 11%

Response and Resources


UK website Moneynet has adapted its services in response to changing debt management trends by offering a price comparison service for debt consolidation loans. Their comprehensive loan guide aligns with Moneyfacts, which provides a dedicated loan glossary. In the US, Lowermybills also offers a loan price comparison service.

Further Reading


- [Moneynet Personal Loan Guide](http://www.moneynet.co.uk/personal-loan-guide/index.shtml)
- [Moneynet Loans](http://www.moneynet.co.uk/loans/index.shtml)
- [Moneyfacts Loan Guide](http://www.moneyfacts.co.uk/guides/guide_loans.asp)

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