At Last Remortgages, Mortgages And Homeowner Loans Are Not Changing So Much.
Posted July 14, 2010 – 4:52 am in: MortgagesLittle in life ever remains constant and this statement is certainly one that can be easily applied to mortgages, remortgages and secured loans over the course of the last few years
To start with secured loans, which are also often referred to as homeowner loans, well these have changed beyond recognition ove the last couple of years.
Before the start of the recession, homeowners had a choice of more than twenty homeowner loan providers, but now their choice is limited to under a handful.
The secured loan plans available has also diminished as the secured loan lenders on the market tightened up their criteria to cut back on the element of risk entailed.
There used to be 125% LTV plans which enabled homeowners to borrow up to 125% of the value of their property.
Loans to value are now restricted to much less than this, and stand at 70% and 80% for self employed and employed applicants respectively.
Self declarations of income were all but done away with for the self employed which meant that it was no longer sufficient to write their own net profit on a bill head or similar and full accounts were needed, This meant that it was virtually impossible for the self employed who could not fully prove their earnings or who presented their own accounts to obtain a loan.
Self certs were similarly abolished for remortgage and mortgage applicants and as regards remortgages and mortgages this will most likely never alter at any time in the future.
This is not the case as regards secured loans any longer with one lender now prepared to accept self certifications if the applicant has an LTV of 60% and provides three months bank statements.
The future of the remortgage and mortgage are now also looking brighter with more products appearing on the market after a few years of product withdrawal.
Interest rates for secured loans, mortgages and remortgages are also seeing sign of stabilty after some time of constant fluctuation and this all holds out hope for the future of mortgages, remortgages and secured loans.
Looking to find the best deal on homeowner loans, then visit www.championfinance.com to find the best deal on a remortgage for you.
categories: secured loans,homeowner loans,remortgage,remortgages,mortgage,mortgages
