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Great News For Secured Loans
During the credit crunch the secured loans market was badly affected. Many secured loan lenders that were the biggest names stopped lending all together while other lenders simply could not get any funding.
The secured loan lenders that were left in the market changed their product range. The main changes that affected the market were the equity margins accepted Before the credit crunch homowners could borrow up to 125% but this was reduced, and homeowners could only borrow up to 80% if they were employed. If homeowners were self employed the equity available was a lot less than 80%
During the credit crunch house prices were not rising, and some properties were even falling in value. With these changes the market was hit badly due to the fact that the availability of secured loans is based on the available equity that you have in your property, and as such many homeowners could not get a secured loan.
Secured loans are very popular ways for homeowners to raise finance, as the interest rates are sometimes lower than unsecured loans ,and when homeowners were looking to raise a larger amount of finance, secured loans were ideal as you can take a secured loan over a longer period of time and keep your monthly repayments down. Secured loans can be used for a number of reasons. With secured loans having a lower rate of interest, it was very common for homeowners to take a secured loan for debt consolidation and pay of their existing loans and credit cards.
There is at last good news for the secured loans market with a secured loan lender increasing there LTV, and also have new products for self employed applicants. This should be good news, as more homeowners will be able to look at secured loans when considering finance. With new products coming into the market and other secured loan lenders seeing this product, let us hope that they will follow.
At last we are seeing massive improvements in the market and I am sure that this new product will be very popular and the market will be improving.
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