(PRWEB)
October 23, 2009
More and more homeowners in the UK are facing the imminent threat of repossession due to the reluctance of banks and mortgage companies to let them remortgage their problem loans. But loans for bad credit in the UK are now available – even to those with prohibitive credit issues like low FICO scores, flaws in their credit history, or even recent bankruptcy or redundancy.
The uplifting news of these bad credit mortgage products comes as millions of UK households struggle to survive the economic onslaught of recessions and keep their family homes despite the stark lack of consumer credit.
The percentage of home value that banks are willing to offer homeowners as mortgages has dropped dramatically over the past two years, even as homeowners struggle to make monthly payments and balance budgets of their household. Although many consumers want to use a mortgage to consolidate debt, switch to a more manageable and affordable loan, or free up emergency cash to help them survive unemployment, the stricter standards imposed by traditional lenders do not not allow them to do so. Stricter lending guidelines are cited by experts as one of the main reasons why the number of mortgages has fallen by more than 55% compared to last year.
Even if house prices rebound and start to rise, lenders still reeling from the credit crisis will grant fewer mortgages for fear of defaults. Anyone with blemished credit, insufficient income, or insufficient proof of creditworthiness and job stability will have a harder time meeting the lender’s guidelines.
Meanwhile, unemployment has hit double digits in parts of the UK, climbing to a devastating rate of 15% or more in some cities. With millions of people in the UK suffering job and income losses, the number of people with low credit scores and bad credit is extraordinarily high, making bad credit a rather common situation for most. of the British.
The unique bad credit loans niche is able to offer favorable terms to those with poor credit, as the business model of these products is structured to provide valuable loans – including mortgage financing solutions – to those who have been refused by traditional lenders. Those interested in finding out how to acquire a mortgage product should either make an appointment with one of our team or simply apply online at http://www.loansbadcredit.org.uk
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