The home loans ,mortgages, remortgages and homeowner loans all diminished at an alarming rate in the course of the recession.
Many were uncertain how long they would be in their current position and this made them uncertain about either a mortgage ,a remortgage or a secured loan.
In addition to all this, mortgage providers tightened their under writing criteria so strictly that many could no longer obtain a mortgage or a remortgage even if they both needed and wanted one. After all it was the reckless criteria that had originally lead to the recession in the first place..
The value of property slumped which obviously did nothing to aid the situation.
Before the credit crisis remortgages were a popular way for homeowners to move from one mortgage lender to a new one sometimes to only obtain a lower rate of interest and at other times to raise additional funds to be used for debt consolidation.
Secured loans similarly fell , and in fact secured loans or homeowner loans, suffered much worse than mortgages and remortgages
Secured loans have all the same uses as remortgages and can be used for almost anything including debt consolidation.
Homeowner loans were even worse affected than remortgages and mortgages and the greatest per centage of secured loan lenders ceased trading.
Eventully the number of secured loan lenders had gone down from over twenty to only three or four.
Many who really needed a secured loan, especially for debt consolidation were not now eligible.
Now thankfully one of the secured loan lenders who exited the market during the credit crunch due to lack of a backer prepared to grant funds, that is Link Loans, have just opened their doors again and are offering secured loans.
They are prepard to consider granting secured loans to people who have been self employed for at least six months.
This will be very happy news to those who have been labouring under a mountain of debt and who can now obtain the debt consolidation that they need.
categories: remortgage,remortgages,mortgage,mortgages,secured loan,secured loans,debt consolidation,homeowner loan