| Bad Credit Loans Are Still Available. |
| Articles - Mortgage |
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During the present economic climate many UK citizens consider that bad credit loans have ceased to be.
During the present economic climate many UK citizens consider that bad credit loans have ceased to be. It makes sense that many think this, as bad credit loans, bad credit mortgages and bad credit remortgages precipitated the credit crunch. Underwriting in the homeowner loan industry in general caused much of the financial crisis that most of the civilised world has experienced in the course of the last two odd years. It is certainly a fact that bad credit loans now as in the past are not available to those who do not own their property, but simply rent it from a local council or housing association or a private individual. Even tenants with a good to an excellent credit rating find it difficult to obtain loans of any kind at the best of times, and since the recession the situation has become more and more dire. Homeowners have always been in a better place than have tenants when it comes to obtaining a bad credit loan.Before the beginning of the credit crunch there were a number of secured loan lenders happily advancing secured loans to homeowners with the the most terrible of credit ratings.The LTV was good considering the credit rating of the bad credit loan applicants being the fairly high LTV of 75%. Bad credit secured loans are not so easy to obtain now as they were then, but so saying there is some availability even now. Bad credit secured loans are available at between 60% to 70% LTV for homeowners with minor credit problems. There are two secured loan lenders who still advance bad credit secured loans to individuals with unlimited bad credit points. These lenders are Blemain Finance and First European Securities. These bad credit secured loan borrowers can have unlimited defaults, etc. The maximum LTV for these bad credit loans is 50% and the maximum loan is also restricted to a maximum loan amount of around 23,000. These bad credit loans are still available in a restricted way, and they can be a great help to homeowners at a time when they most need help by means of additional funds. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Looking to find the best deal on bad credit loans for you. |