Nemo Personal Finance has kick started 2013 with the introduction of the lowest secured loan product rate available in the UK by slashing its rates to 5.59%.

Reductions have also been made across Nemo’s entire product range as well as the introduction of Nemo’s first 90% LTV product since the credit crunch for loans up to £60,000 which will increase the number of potential customers that qualify for a secured loan.

Nemo’s maximum loan size has increased from £100,000 to £200,00, with an annual charging rate of just 7.008%; allowing brokers greater flexibility to satisfy borrower’s requirements – a move that will undoubtedly lead to significant growth in the second charge market over the next twelve months.

Matt Tristram, joint managing director of secured loan master broker, Loans Warehouse says: “Nemo Personal Finance has granted every secured loan broker’s New Year’s wish with the introduction of the lowest rate secured loan product I’ve ever seen.

“Even before the credit crunch when Carol Vorderman was telling people to consolidate their debts with Firstplus, rates weren’t this low.”

“We talked to a lot of mortgage professionals throughout 2012 to promote awareness of how a secured loan could offer their clients an alternative to remortgage when looking to raise capital and with rates now from 5.59% and redemption penalties from just a month’s interest, that message is clearer than ever and we see nothing but continued growth in the secured loan sector.”