UK Secured Loan Market Timeline (Following The Global Credit Crisis)
August 2007: Lehman Brothers closes its sub-prime lender, BNC Mortgage. September 2007: Southern Pacific Personal Loans and London Mortgage Company close down. Kensington Mortgages withdraw from the secured loan market a day later. October 2007: White Label Loans launches to fill the gap left by Southern Pacific Personal Loans, Kensington Personal Loans and Money Partners. Product launch is piloted by Beech Finance Ltd and Specialist Financial Services Ltd April 2008: London Scottish Bank closes down entire lending division. May 2008: Future Mortgages announce they will close for business. June 2008: Picture Financial cease to trade in the sector. July 2008: Barclays cease to sell secured loans through FirstPlus. September 2008: Lehman Brothers declare bankruptcy. November 2008: Bank of America subsidiary, Loans.co.uk ceases to trade. December 2008: West Bromwich Building Society subsidiary, White Label Loans closes its doors to new business just fourteen months after launching and completing £60,000,000 of secured loans. August 2009: The Finance & Leasing Association (FLA) report that secured loan lending has fallen 84% since 2008. October 2010: MP George Justice drafts Secured Lending Reform Bill. December 2010: The Finance & Leasing Association (FLA) reveal secured loan lending sank to £16m. July 2011: Specialist intermediary broker Y3S launch the secured loan sourcing system miloanbroker.com indicating a possible future upturn in the market. More than a thousand intermediaries sign up in the 3 months that follow. October 2011: Whiteaway Laidlaw Bank combine with Commercial First and Link Loans to create new lender, Shawbrook Bank. February 2012: Specialist lender, Equifinance enters the market. May 2012: Secured Lending Reform Bill fails to pass through Parliament. July 2012: UK's first Secured Loan Index is launched by secured loan broker, Loans Warehouse, and reveals secured lending in the UK reached £150m in the first half of 2012. September 2012: Secured loan lending is now worth £350,000,000. December 2012: Secured Loan lender Nemo Personal Finance launch the secured loan market's lowest ever interest rates of 5.592% per annum for employed applicants and 6.54% per annum for self-employed applicants. February 2013: Shawbrook Bank launch a secured loan product that allows loans to 95% of property value.
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