Better lender products also drove on the lending rise with £10.7m loans completed through the broker’s loan search tool, it said.
Nicola Georgiou, managing director of Freedom Finance, (pictured) said: “Lenders are starting to offer better options for borrowers, which is leading to a significant uplift in consumer appetite for loan products. We see this as an indication that consumer confidence is growing and that the economy is starting to show signs of recovery.”
Figures from the Finance and Leasing Association earlier this month showed second-charge mortgage lending leapt 43% by value and 23% by volume in May. This reflects the rise in remortgaging and greater consumer confidence, it claimed.
Typically, consumers are turning to loans for debt consolidation or to hang on to low lifetime tracker loans and interest-only loans if seeking to raise capital.