Secured Loan Lender withdraws Product

Earlier this week, it was announced by Barclays Bank that up to 300 jobs would go at its loan division First Plus in Cardiff, Wales. The reason given by the Chief Executive was slowing demand for their product.

First Plus had no plans to stop servicing its existing secured loan customers who are thought to total around 128,000, however, from the 9th August Barclays confirmed First Plus would cease to offer new homeowner loans.

This latest news comes off the back of a week where it is now forecast by some economists that up to 100,000 jobs could be lost in the building industry following several announcements by leading Building companies.

The news that First Plus will be withdrawing its loan product, although bad for some, maybe good news for other lenders who will now doubt to seek to capitalise and target homeowners and customers seeking to borrow against their homes and asset.