Just As In The Past Mortgages, Remortgages And Secured Loans Still Exist


It is easy to understand why there has been a decline in remortgages, mortgages and secured loans in recent years, but there is more than one reason for this.
The reason for the decrease in mortgages is certainly very understandable, as a mortgage is what enables most people to be able to buy a property, and the lack of confidence in the general public due to the prevailing economic climate make people reluctant to commit themselves to moving house or to buying their first property.

Of course it is not only the lack of confidence that makes people unwilling to embark on their first home purchase, but also the fact that a substantial deposit is required, and the majority do not have this amount of money to put down.
Unlike before, there is no such thing as a 100% mortgage which used to mean a person could become a homeowner without any money at all, but now at least 15% of the purchase price must be provided.

Even if buying a small cheap flat costing £100,000, the deposit required would be £15,000, and added to surveyor's fees, lawyer's fees and moving expenses, there would not be much change out of £20,000.
All things considered, it is easy to understand why first time home buyers, and therefore mortgages, are much fewer than they were in the past, but the comprehension of the decline in the demand for remortgages and secured loans is not as easy.

Certainly the stagnation, and sometimes the decline in property values, has something do with it, as it means that fewer homeowners have enough equity to apply for a secured loan or a remortgage.
In the past, property values doubled approximately every seven years or so, but now we are faced with the prospect of properties in certain areas in particular having the same value now as five to seven years ago.

If a homeowner has little or no equity now a days he is not in the position to obtain a remortgage or a secured loan, as plans of 100% plus are now nothing but history.
However, there are many homeowners with sufficient equity for remortgages and secured loans who could well benefit from arranging one of these homeowner loans, especially for debt consolidation, but they are simply not applying.

The reason for this is because of the fact that they appear not to realize that these home loans are still very much available to them, as they no longer see the very many advertisements for them that used to be so common in television and newspaper adverts.
In truth, secured loans and remortgages are in plentiful supply, and both have very low interest rates of 7.9% for a secured loan and less than 2% for a remortgage which means that they are not only there for the taking, but are very cost effective methods of raising funds for almost any purpose.
Therefore people should be aware that secured loans and remortgages are in the market, and lenders would be only too glad to hear from these applicants.

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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