|
||||||||
 |
||||||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
Lenders Shy Away from Secured Loan Sector
|
||||||
Monday, July 14, 2008 The number of lenders withdrawing from the secured loan sector is on the increase with eight having pulled out of this market since July last year. The latest lender to withdraw from the secured loan market is First Plus who this week (8 July) announced it is to stop new second charge mortgage business from 9 August. However since July 2007, arguably when the credit crunch started to hit the UK, the Alliance & Leicester, Breeze Loans, Capital One Bank, LoanOne Intermediaries, Money Partners, Picture Financial and SPPL have also pulled back from secured loans despite demand for the product. Commenting, Michelle Slade, analyst at Moneyfacts.co.uk, said secured loans are appealing to those who want to reduce their existing outgoings by as much as possible as they offer the option to consolidate debts over 25 years compared to 10 years for unsecured loans. "Unfortunately, many lenders are no longer finding secured loans a viable business option. "They face the same funding issues as mortgage lenders and with house prices continuing to fall, lenders can no longer be sure that, if a consumer defaults on their loan, they will have enough equity in their home to repay the debt."If the credit crunch can cause one of the biggest lenders in secured loans to throw in the towel, it will be interesting to see if the other providers can weather the storm," she added. Source: http://ftadviser.com/FTAdviser/Mortgages/Products/SecuredLoan/News/
|
|
|||||
| Cheap unsecured loans UK | Unsecured debt consolidation loans | Unsecured home improvement loans Unsecured vacation loans | Bad credit unsecured loan | Instant unsecured loan | Unsecured business loan Unsecured loan UK | Unsecured Loan | Unsecured Loans for Tenant | Unsecured Personal Loan Bad credit debt consolidation loans | Debt consolidation loans |
||||||
Please be advised that unsecuredfinance.org.uk does not deal in mortgages or remortgages. |
||||||
| THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT A fee between 0% and 10% of the loan may be charged on some plans depending on credit history and ability to prove income. Example: Loan of £15,000: 120 monthly repayments of £204.66, 10.4%APR variable. Loans secured on residential property. |
Home | About Us | Contact Us | Articles | FAQs  |  |
| Privacy Policy | Terms & Conditions | Sitemap |
| © Copyright 2006-2007, All Rights Reserved www.unsecuredfinance.org.uk |
