S&U’s Advantage motor finance business lends on a simple HP basis to lower- and middle-income groups who may have impaired credit records restricting access to mainstream products. It has c 64,500 customers. The Aspen property bridging business has been developing since its launch in 2017.

While both businesses continued to perform well, S&U acknowledged the more challenging economic background with growing pressure on household incomes and the potential for a cooling in the housing market as rates rise. Advantage has adjusted its affordability criteria to reflect conditions, refined credit metrics and broadened its range of introducers supporting its ability to address opportunities in the market that offer attractive risk-adjusted yields. Aspen’s high net worth borrowers are showing resilience and it stands to benefit if some participants withdraw from the bridging market or act more cautiously. A Q323 update is due 8 December.