All things change and alter and never has this been more true than for the position regarding secured loans, mortgages and remortgages of late.
Secured loans which were first introduced about thirty years go have altered a great deal in the last few years more than at any other time in their reasonably brief history.
Homeowner loans which is another name for secured loans were offered by over twenty different secured loan lenders up to the beginning of 2007, but since then the number of loan providers has declined to four or five.
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.
Up to the start of 2007 it was possible for homeowners to obtain secured loans at up to 25% more than their home was worth.
Loans to value are now restricted to much less than this, and stand at 70% and 80% for self employed and employed applicants respectively.
Another change was the virtual abolition of the acceptance of self certification of income for self employed applicants. Accounts became a requirement or at least an accountant’s certificate.
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.
For homeowner loans this is not the case as self declarations of income accompanied by three months bank statements are being accepted again by one secured loans provider at a maximum LTV of 60%.
The destiny for remortgages and mortgages is also improving, as more and more new products are brought in after about 1,000 products ceasing to exist in the course of the past couple of years.
Interest rates for remortgages, mortgages and secured loans are now starting to settle after altering as never before over the past few years. If the trend all continues in the way, it is to hoped that the sector of remortgages, secured loans and mortgages will be as it once was before too long.
categories: secured loans,homeowner loans,remortgage,remortgages,mortgage,mortgages