During the present economic climate many UK citizens consider that bad credit loans have ceased to be.
It is understandable that people are of this opinion, as the credit crunch was to a great extent caused by reckless lending particularly in the sub prime loan and mortgage markets in America. Lax underwriting was the order of the day way back then. Self declarations of income were available even for bad credit secured loan, mortgage and remortgage applicants.
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 are in a better situation, and in fact until the advent of the credit crunch bad credit loans were quite readily available from a good range of secured bad credit loan lenders. Even homeowners with the most awful credit rating could get a bad credit loan up to a maximum 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.
For homeowners with C.C.J's , defaults and mortgage arrears there are still two bad credit secured loan lenders who will consider looking at advancing a bad credit loan to homeowners with extremely bad credit files, and they accept unlimited adverse points.
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. - 29970
It is understandable that people are of this opinion, as the credit crunch was to a great extent caused by reckless lending particularly in the sub prime loan and mortgage markets in America. Lax underwriting was the order of the day way back then. Self declarations of income were available even for bad credit secured loan, mortgage and remortgage applicants.
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 are in a better situation, and in fact until the advent of the credit crunch bad credit loans were quite readily available from a good range of secured bad credit loan lenders. Even homeowners with the most awful credit rating could get a bad credit loan up to a maximum 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.
For homeowners with C.C.J's , defaults and mortgage arrears there are still two bad credit secured loan lenders who will consider looking at advancing a bad credit loan to homeowners with extremely bad credit files, and they accept unlimited adverse points.
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. - 29970
