There
was a great decrease in mortgage, remortgage and secured loans
borrowowing during the credit crisis as many people were feeling
very nervous about their financial future.
Not only
were they affected by all the depressing reports being expounded
in the news not only in the press but also on television,
but they were worried about their own job security.
There
were those in safe jobs who were untouched by the recession.
Teachers used to consider that their jobs were safe but during
the recession this was not always the case.
Some parents
could no longer afford to pay their expensive fees as they
had either lost theor employed positions or their own companies
if they were self employed.
Many thought
that the recent official announcement that the recession is
officially over would herald an immediate return to normality
as regards the economy, and all matters financial.
It was
stupid to consider that there would be an over night economc
recovery after three years of deep recession.
There
have been constant reports that there was a ray of hope for
a fast economic recovery, but these hopes were always dashed.
However,
now in the middle of April, and with the sun literally shining
in the sky, it at last does appear that the sun has started
to shine on the finance sectors of mortgages, remortgages
and secured loans.
Remortgage
products have increased in the last few months having gone
down by about 1,000 plans in the credit crunch.
Homeowners
wanting to move mortgage providers have more remortgage options.
Similarly
those seeking to remortgage to raise funds for almost any
purpose, including debt consolidation
will be able to obtain a good low rate and thus save money
by paying off all their other debts.
Secured
loans are also witnessing a recovery with Link loans making
a new entry into the secured loans market. Link had to temporarily
close its doors due to funding problems last year.
Link Loans
are funded now by RBS, and they have plans at 70% LTV and
75% LTV for the self employed and employed respectively. Self
employed applicants can apply for a secured loan after only
trading for six months but the LTV is 60%.
All these
improvements in mortgages, remortgages and secured loans should
give those who have been putting their financial plans on
hold to apply now.
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