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Secured loans 'still available' in credit crunch

Secured loans 'still available' in credit crunch

Category: Loans

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

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 It is now over 6 months old so the content may be out of date.

Those seeking secured loans should not be put off by the economic downturn, it has been claimed.

According to housebuilder Barratt Homes, there are still plenty of options available in the market, with the number of mortgages increasing and becoming more competitive each day.

In addition, a variety of incentives are available to help purchasers, including the payment of deposits and stamp duty, as well as shared equity schemes.

Managing director of Mortgage Talk Andrew Frankish also contradicted the view that now is not a good time to be looking for a secured loan.

"Despite recent reports, many lenders still have significant funds available for those who are looking to secure a mortgage," he said.

Yesterday the Bank of England announced that the official base rate of interest had been cut from five per cent to 4.5 per cent, meaning customers with secured loans that track the Bank's base rate automatically saw their interest payments drop by 0.5 per cent.

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