Bank of England numbers on secured loans in UK

Secured loans are rising in popularity in the UK. You can clearly see this in the official figures released by the Bank of England from time to time.

Last year, for instance, the bank reported British homeowners let go £14.6bn in the final quarter of 2006 using mortgage equity withdrawal. And in that year as a whole the number rose to a staggering £49.7bn.

The previous year that total figure withdrawn was only £36.6bn. That represented a rise of £13.1bn in the secured loan market.

These are big, strong numbers and they show the strength of this loan instrument and the resilience of the British borrower. That is to say, the secured loan is an efficient, effective method for quickly getting some essential short term borrowings. And people find them easy to used and easy to repay on time.