Credit crunch 'reducing options for secured loans seekers' - Loans - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Credit crunch 'reducing options for secured loans seekers'

Credit crunch 'reducing options for secured loans seekers'

Category: Loans

Updated: 31/10/2008
First Published: 20/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The credit crunch has seen the options for those seeking secured loans significantly reduced, research has found.

Moneyfacts.co.uk has revealed that the total number of mortgage products available has fallen to 3,281 - the lowest level in over a year.

However, mortgage expert at the site Darren Cook notes: "Choice may be reducing, but there are still enough products out there for borrowers to try and find a suitable deal that suits individual circumstances."

Those who do hope to be granted a secured loan may find that they have to pay a larger deposit, as the number of mortgages with a maximum loan to value (LTV) of 60 per cent was found to have risen by 84 per cent.

In contrast, those with an LTV of 75 per cent, 90 per cent and 95 per cent are increasingly scarce.

This week housebuilder Barratt Homes argued that there are still plenty of competitive options available.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!
 
Close