subject: The Revival Of Secured Loans, Mortgages And Remortgages [print this page] After a few extremely unpredictable years, things are certainly improving for secured loans, remortgages, mortgages and for loans in general
Secured loans, remortgages and mortgages rely very much on property prices.
When house prices fall it has a crushing affect on these home loans
When a person wants to purchase a property , he needs to arrange a mortgage, and very few buyers have the finances needed to pay cash. As house prices fell so too did the requests for mortgages, as many were not prepared to move house with all the money that it costs in such unsettled times.
Often in the past, when a homeowners existing mortgage deal ended , people choose to take out a remortgage which involves moving the mortgage from one lender to another.
The reason behind this was to achieve a lower rate of interest, and sometimes extra cash was raised which could be used for almost any valid reason.
As property prices went down, many would no longer get a lower by taking out a remortgage as the equity was no longer enough to obtain a good remortgage deal.
Homeowner loans declined for the exact same reasons as remortgages and mortgages had.
The number of secured loan lenders decreased from more than twenty to less than a handful, and the remaining ones tightened their criteria so much that even homeowners with equity often could not obtain secured loans.
Self certification of net profit for self employed people was abolished and so it became impossible for those working for themselves to obtain the loan they needed, especially for use as debt consolidation loans
Self employed homeowners were especially badly affected as self declarations of income were no longer accepted when applying for secured loans, etc.
The biggest sign of improvement for secured loans is rhe introduction of self certs of net profit for the self employed. These self employed loans are only available to homeowners who have three months bank statements showing money being deposited and have LTV on their property of 60%.
by: Lewis Bridges
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