Improvements To Secured Loans,Mortgages And Remortgages

The world economy was in turmoil for almost three years, and in fact it seemed longer than that.

All financial products went through highs and lows.

It is a bit of a wrong term to use the word up and down as it was in reality a situation of constant downs.

Such financial products as secured loans, mortgages and remortgages took a huge tumble.

Mortgages went down as no one wanted to move house or even to buy a first home, as the value of houses decreased dramatically.

Another reason for the lack of mortgage takers was the fact that employees were uncertain if their job were safe with hundreds of firm in every country ceasing trading.

In the same way remortgages went down in popularity and remortgages were in the past a common part of the homeowner financial routine as in general they would remortgage at the end of their current mortgage. A remortgage involves taking out a new mortgage with a different lender than at present

The most adversely affected home loan was the secured loan which diminished to a tiny per cent of its previous popularity, and by the end of the credit crunch, secured loans were not even 20% of their previous high.

The underwriting criteria for all these three products tightened so much that even those who wanted one of these financial products were often tuned down

Things are now improving especially regarding homeowner loans as a lender had come back into the market prepared tp offer secured loans without accounts to the self employed even if they have only been in business for six months.

It was all a pity, as many struggling with debt, could have made good use of a remortgage or secured loan to carry out debt consolidation.

The self employed were hardest hit due to the abolition of self declarations of income rendering those with no proper accounts incapable of obtaining a remortgage or a mortgage.

This is a step in the right direction and similar steps in the same direction are now needed for remortgages, and mortgages as well.

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categories: secured loans,debt consolidation,debt consolidation loans,remortgage,remortgages,mortgages

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