secured loans should be considered if you are a homeowner looking to raise money in your property.
secured loans as the name suggests is secured on your property.
To be considered for a secured loan you have to have equity in your property. Equity is the difference in your house value and your mortgage balance. secured loan lenders will usually work to about 80% LTV for example if your house was worth say £120000 and your mortgage balance was £75000 you could borrow up to £21000. If you have had any missed payments or any other issues with your credit profile the LTV will be reduced. There is talks of a secured loans lender entering the market and homeowners will be able to borrow up to 90%
secured loans are available if you are employed or self empoyed although for self employed the LTV will be around 75%.
Secured loan lenders will also look at affordabilty such as your mortgage payments and your monthly credit commitements to make sure that a secured loan will be affordable to you.
The main things a secured loan lenders look for is equity, income and affordabilty.
secured loans brokers will deal with the whole of the secured loans market and they will know who the best lender is for your circumstances to access this they will look at the above information.
Tuesday, 16 March 2010
The Secured Loans Market
secured loans are at last seeing signs of improvement.
There are more lenders entering in the secured loans market.
Link Lending has entered the secured loans market once again and have niche products and there are talks of other lenders entering the secured loan market.
Since the start of the recession the secured loans market was badly affected with many lenders with drawing products and other lenders leaving the secured loan market and other secured loan lenders not getting any funding.
Before the recession the secured loans market was totally different than what is available today such as 125% plans, pure self declarations for employed and self employed and lenders accepting unlimited arrears and defaults.
But the market is seeing signs of improvement and there are secured loans available for people with unlimited adverse credit, self employed, although the loan to value will be tighter for self employed the loan to value is 75% and unlimited adverse being at 65% although the amount that you can borrow might be restricted but this is all good news for the market.
Many people are being declined for a remortgage because they are self employed or have a wee bit bad credit and with the mortgage market tighting there criteria many can not borrow from there exsising lender or remortgage there property and many people in this situation are applying for a secured loan as there are no other alternatives.
The market is getting a lot busier and there are a lot of niche products available in the secured loans martket it really is worth considering.
secured loans or homeowner loans can be borrowed for really any purpose and if someone is unfortunately been declined for a remortgage they could look at secured lending.
secured loans are back and I am sure that this year we will see a big improvement in the market.
If you are looking for a secured loan or would like to see what is available to you in the market you can contact a secured loans broker who will deal with the whole of the market.
There are more lenders entering in the secured loans market.
Link Lending has entered the secured loans market once again and have niche products and there are talks of other lenders entering the secured loan market.
Since the start of the recession the secured loans market was badly affected with many lenders with drawing products and other lenders leaving the secured loan market and other secured loan lenders not getting any funding.
Before the recession the secured loans market was totally different than what is available today such as 125% plans, pure self declarations for employed and self employed and lenders accepting unlimited arrears and defaults.
But the market is seeing signs of improvement and there are secured loans available for people with unlimited adverse credit, self employed, although the loan to value will be tighter for self employed the loan to value is 75% and unlimited adverse being at 65% although the amount that you can borrow might be restricted but this is all good news for the market.
Many people are being declined for a remortgage because they are self employed or have a wee bit bad credit and with the mortgage market tighting there criteria many can not borrow from there exsising lender or remortgage there property and many people in this situation are applying for a secured loan as there are no other alternatives.
The market is getting a lot busier and there are a lot of niche products available in the secured loans martket it really is worth considering.
secured loans or homeowner loans can be borrowed for really any purpose and if someone is unfortunately been declined for a remortgage they could look at secured lending.
secured loans are back and I am sure that this year we will see a big improvement in the market.
If you are looking for a secured loan or would like to see what is available to you in the market you can contact a secured loans broker who will deal with the whole of the market.
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