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Secured loans availability 'seeing sharp decline'

Secured loans availability 'seeing sharp decline'

Category: Loans

Updated: 31/10/2008
First Published: 03/10/2008

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 It is now over 6 months old so the content may be out of date.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 number of secured loans available to consumers dropped significantly yesterday, it has been revealed.

Findings from show that 11.4 per cent of products were withdrawn - on the day being dubbed Black Monday.

Analsyst at the price comparison site Michelle Slade explained that much of the drop came as a result of Bradford & Bingley and Mortgage Express pulling all their products.

It was one of the sharpest declines ever seen in a single day, as the number of mortgages available fell from 3,914 to 3,469.

"This news will be another blow for mortgage borrowers, as not only do they now have a more restricted choice, but the insecurity in the money markets has caused many lenders to increase their mortgage rates," said Ms Slade.

However, last week Abbey announced the introduction of two new secured loan options to its range, offering three and five-year deals.

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