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A&L gets set for big secured loans push

Alliance & Leicester has become the latest name to confirm an interest in the intermediary secured loans market as part of a major push into the sector.

The firm will aim to build its presence in the sector next year and it is expected advisers will play a big part in that offensive. A&L already offers secondcharge mortgages on a direct basis, albeit on a small scale.

Morgan Stanley moved into the second-charge sector earlier this month after revealing it will fund Paragon’s sub-prime range under the Advantage brand while Kensington revealed in September it will enter the sector.

A&L head of intermediary mortgages Mehrdad Yousefi says: “We have had a soft launch on secured loans but we will expand next year and are reviewing whether to use brokers as secured loans and specialist mortgage lending are the main driver for profit. We want to maximise intermediary distribution and lending in the secured loans market cannot overlook the intermediary market as it is the most powerful distributor of personal finance products.”

Money Partners communications director Bob Sturges says: “The emergence of such brands ups the reputation of the market. Secured lending is booming.”

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