Real Estate
Can I Obtain A Bad Credit Loan When My Credit Rating Is Bad?
October 25, 2009 by Liz Moir · Leave a Comment
Many people are under the impression that due to the credit crunch bad credit loans are completely unavailable.
It is understandable that people are of this opinion, as the credit crunch was to a great extent caused by reckless lending particularly in the sub prime loan and mortgage markets in America. Lax underwriting was the order of the day way back then. Self declarations of income were available even for bad credit secured loan, mortgage and remortgage applicants.
All through history it has been impossible for non homeowners to be accepted for a bad credit loan. Even tenants with great credit ratings find it difficult to obtain a loan now. Lenders really want some sort of security when they grant a loan.
Homeowners are in a better situation, and in fact until the advent of the credit crunch bad credit loans were quite readily available from a good range of secured bad credit loan lenders. Even homeowners with the most awful credit rating could get a bad credit loan up to a maximum LTV of 75%
Bad credit secured loans are not so easy to obtain now as they were then, but so saying there is some availability even now.
Bad credit secured loans are available at between 60% to 70% LTV for homeowners with minor credit problems.
There are two secured loan lenders who still advance bad credit secured loans to individuals with unlimited bad credit points. These lenders are Blemain Finance and First European Securities. These bad credit secured loan borrowers can have unlimited defaults, etc.
These bad credit secured loans have a maximum limit of 23,000 and a maximum LTV of 50% of the value of the property being given as security.
These bad credit loans are still available in a restricted way, and they can be a great help to homeowners at a time when they most need help by means of additional funds.
Looking to find the best deal on bad credit loans then visit www.championfinance.com to find the best advice on bad credit loans for you.
categories: bad credit loan,bad credit loans,secured loans,homeowner loans,remortgages,property,property prices
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