Looking for a Loan or Mortgage? Act now
If you are looking to do anything at all with a current mortgage, or secure a new mortgage, you are advised to act as soon as possible. As a result of the current credit crisis, loans and mortgages are more difficult to obtain. In addition, long wait times for updates and new application reviews are impacting customers.
Also impacting the situation is the fact that one in ten lenders has removed itself from the market; Hanley Economic Building Society and Eskimo Loans are the two most recent to pull their personal loans.
Moneyfacts.co.uk personal finance analyst, Esther James explained that the combination of increasing rates, more cautious lenders, an impending payment protection insurance decision, and reduction in lender choices is creating an unsettled market. “The credit crunch is showing its strength in the personal loan market,” Ms. James stated.
Ms. James agreed that consumers looking for a loan should act quickly, as “the 2008 loan market could look very different.”