subject: A Remortgage Or A Secured Loan For Debt Consolidation. [print this page] The number of remortgages, mortgages and homeowner loans granted all greatly diminished over the past three years as these were three years of deep recession.
The fact that there were so many citizens that felt unsure that they would keep their jobs lead to a decrease in people applying for remortgage and mortgages.
In addition to all this, mortgage providers tightened their under writing criteria so strictly that many could no longer obtain a mortgage or a remortgage even if they both needed and wanted one. After all it was the reckless criteria that had originally lead to the recession in the first place..
The value of property slumped which obviously did nothing to aid the situation.
Before the recession remortgages were a popular way for people to change mortgage lenders to either simply obtain a lower rate of interest or even to obtain extra funds for various reasons, including debt consolidation.
Secured loans similarly fell , and in fact secured loans or homeowner loans, suffered much worse than mortgages and remortgages
Secured loans have all the same uses as remortgages and can be used for almost anything including debt consolidation.
Secured loans actually fell more dramatically than did the other home loans as one secured loan lender after the other closed their doors to any new secured loan business.
At the end of 2006 there were about twenty homeowner loan lenders but by the beginning of 2010 the number stood at only four
Many who wanted a secured loan no longer fitted the under writing and were refused the homeowner loan that would have found so beneficial especially for debt consolidation.
Things are hopefully now improving due to the return of one of the secured loan lenders, and that is Link Loans who had to departed from the homeowner loan market due to their backers refusing funds.
They are prepard to consider granting secured loans to people who have been self employed for at least six months.
This will come as very welcome news to those who can now make an application for a secured loan which they can use for almost any purpose. They can now even arrange the debt consolidation of which they are so badly in need and have the choice of either a secured loan or a remortgage.
