The overall lack of secured personal loans is affecting many that are trying to figure out how to keep paying on their high rate mortgages, credit card bills and other expenses. Many seek secured personal loans when they need quick help to get out of debt, a real problem for millions in the UK, but at this time, it appears as though finding a secured personal loan is no easy task, especially if the applicant does not have a good credit history.
David Ritchie, the CEO of Bovis stated, “People need to be able to access finance to buy property and anything we can do to assist people getting on the housing ladder must be good.
“While cost-saving measures, for instance a stamp duty holiday, would be very welcome and reduce the cost of moving house, if you can’t get a mortgage to support your transaction, you’re not going to get off the starting block.”
Michelle Slade of Moneyfacts added, “However, it will be a while before lenders regain a healthy appetite to lend with the maximum LTVs on offer largely determined by the future decline in property values.”
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