The Story Of Remortgages, Mortgages And Homeowner Loans

During the course of nearly three years the world lived in a state of economic decline and at last we are living in post recession times.

Largely the recession was a result to the extremely laid back underwriting of building societies and other lenders who were granting all sorts of loans in a free way.

Loans were advanced to private people and companies that were not in no position to pay back the loans granted to them.

Those in power at the various lending institutions were earning large bonuses due to the loans that they gave out without giving a thought to their own employers or to those to whom they lent the money.

One lender after the other went out of business.

There was a number of kinds of lax lending but one of the most common was the accepting of self certification of earnings for loans of all sorts including secured loans, otherwise called homeowner loans as well as remortgages, mortgages and business finance.

Many at this time became property developers or owners of buy to let properties that enabled them to benefit from the huge loans sums being granted by commercial banks and lenders, and some people who would otherwise not have been granted a loan of any amount before became successful in the property sector.

This economic chaos happened when the banks fell had an extremely adverse affect on the lenders that consisted of homeowner loans, remortgages and mortgages.

Both secured loans or homeowner loans fell to a fraction of their previous level and during this period secured loans stood at less than 20% of their previous level as one secured loan lender and secured loan broker went out of business.

Mortgage approvals went down fell because people were afraid to buy a house either as a first time buyer or a home mover due to the uncertainty of their own economic future.

Mortgages als fell because of the fact that first time buyers were now only granted a maximum mortgage of 75% LTV, and many simply do not have a 25% deposit at their disposal..

The other product of remortgages fell as property prices slumped meaning that many who in the past were eligible for a remortgage were no longer able to apply.

Now that the credit crisis is well over remortgages, mortgages and homeowner loans are coming back a little.

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