Do Not Put Off Applying For Secured Loans And Remortgages


No one is certain if mortgages, remortgages and secured loans will be affected by the credit crisis abroad, and as such this is now a great time to think of applying for these homeowner loans.

Even the most experienced financial experts cannot really be sure about what is happening in the finance markets of America, Spain and Italy and if will yet again affect the British economy, and with it the future of remortages, mortgages and secured loans.
Although at present, these three home loans are not the same as they were before the recession, they are however much improved on their position during the course of the credit crunch.

Before the recession there was an abundance of different plans for mortgages, remortgages and secured loans which included a 125% equity plan which meant that it was possible to borrow 25% more than the property was actually worth.

An example of this was that even a first time buyer purchasing a property at £100,000, a mortgage up to £125,000 would be available, and the buyer could carry out home improvements etc with the extra £25,000.
Remortgages and secured loans were also granted in the same basis which all lead to an extremely robust lending industry with lenders thriving and borrowers very happy, as it was so very easy for them to be granted finance.
This all altered in the course of the credit crisis, and the lending criteria became so strict that there were far fewer borrowers, resulting in the demise of a number of lenders, and even more so, a drop in the number of secured loan and mortgage brokers, thousands of whom closed their doors never to open them again.

The last year has seen an upsurge in financial products that has enabled many more people to obtain a mortgage, remortgage or secured loan, as underwriting has become less strict, and more lenders have entered the market such as Portal Porfolio and Central Lending.

There are now 95% remortgages available from a number of mortgage providers, and remortgages are also available up to this loan to value.
Secured loan have also fared much better during that period with plans at 90% LTV for loans upvto a maximum of £15,000, and the 60% LTV self employed loans plan has been very welcome to those who are only recently self employed or have no accounts.

There are also very good fixed rate five year remortgage plans which of course means that the rate will not change for 60 months giving stability to a household's monthly budget.
With people no longer certain about what the financial future holds for them, especially with the events abroad, this is certainly the time to make hay while the sun shines in light of the fact that we no longer know if these loans will remain the same for much longer.

Champion Finance are one of the main secured loans brokers in the UK, and have been arranging homeowner loans since 1985. They also arrange remortgages and mortgages from the entire mortgage market. Every debt solution is also available to help those in debt to become debt free.
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