There Is No Point In Delaying Applying For Mortgages, Remortgages Or Secured Loans

There was a great decrease in mortgage, remortgage and secured loans borrowowing during the credit crisis as many people were feeling very nervous about their financial future.

Not only were they affected by all the depressing reports being expounded in the news not only in the press but also on television, but they were worried about their own job security.

There were those in safe jobs who were untouched by the recession. Teachers used to consider that their jobs were safe but during the recession this was not always the case.

This was because these private schools charge expensive fees, and some parents were forced to withdraw their children from the private education system as their own salaries had been cut or their businesses had closed down if they were self remployed.

Many thought that the recent official announcement that the recession is officially over would herald an immediate return to normality as regards the economy, and all matters financial.

It was stupid to consider that there would be an over night economc recovery after three years of deep recession.

We have constantly heard the phrase concerning the green shoots of recovery, but often, in the course of the last few years the so called green shoots were more like withered leaves in late Autumn or Winter.

It is now Spring and the weather is warm and sunny and this sunshine is also spreading to secured loans, mortgages and remortgages.

Remortgage products have increased in the last few months having gone down by about 1,000 plans in the credit crunch.

Homeowners wanting to move mortgage providers have more remortgage options.

Similarly those seeking to remortgage to raise funds for almost any purpose, including debt consolidation will be able to obtain a good low rate and thus save money by paying off all their other debts.

Secured loans are also witnessing a recovery with Link loans making a new entry into the secured loans market. Link had to temporarily close its doors due to funding problems last year.

Link Loans are funded now by RBS, and they have plans at 70% LTV and 75% LTV for the self employed and employed respectively. Self employed applicants can apply for a secured loan after only trading for six months but the LTV is 60%.

All these improvements in mortgages, remortgages and secured loans should give those who have been putting their financial plans on hold to apply now.