The average size of a secured loan in Scotland increased from £22,269 in 2012 to £40,241 in 2013 as the value of completions increased by 156% year on year, data released by Smart Money Loans has revealed.

Smart Money’s data also revealed a 38% year on year rise in the number of numbers of cases completed.

Paul Crewe, director at Smart Money Loans, said the movement in the Scottish market is significant and of special relevance to Smart Money as the only intermediary focused distributor in the country.

He said “We took the decision to open an office in Glasgow when we opened for business in England three years ago and with a good team based there, the reception for SML has been fantastic and 2013 is turning into a great year for us north of the border.

“The increasing loan size says a lot about the changing requirements of customers whose access to remortgages has been curtailed.

“Having an active BDM based in Scotland for the last three years along with adding to our Sales Team and moving to a larger office in the centre of Glasgow has really paid dividends for us.

“Our experience is that financial advisers appreciate the personal touch and that, as well as our service and the flexibility offered by secured loans, is why we are seeing such growth.”