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

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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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.

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