In the recession, the secured loans market was hit badly. But there has been recent news that secured loan lenders are slackening off their criteria, and one lender is increasing their loan to value to 85%
With the secured loans lender increasing their loan to value ,this should make the secured loans more popular. With the increase in the equity margins this will increase the amount of homeowners who would be eligible for a secured loan.
There has also been good news announced that house prices are also increasing, which is a really good news, as secured loans are based on the available equity in your property.
Before the recession happened, there were secured loan lenders willing to lend up to 125%, but this was reduced to 80% This has now been increased to 85% which is really good news.
Hopefully the 85% plan this will prove to be very popular,and will attract more homeowners looking for a secured loan.
The secured loans market in the last couple of months has seen improvements, and there has been new lenders coming in,although there is only the one lender going up to 85%,but hopefully there will be a lot of interest in these loans.
Secured loans have been a very popular way for homeowners to raise finance. Secured loans are ideal when homeowners are looking to raise a larger amount of finance, as you can take a secured loan over a longer period of time and keep your repayments down. Another popular use is for debt consolidation
Homeowners who have a bad credit profile will find obtaining finance difficult, as unsecured loan lenders only lend to homeowners who have a good credit history. Secured loans are available just now for homeowners with adverse credit, although those homeowners will have to have more equity in their properties. With equity margins slackening off, this should be good news for homeowners with adverse credit and they should be able to obtain a secured loan.`
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