Although the current rates for bad credit loans are at their highest point in years, some analysts think that the winds of change are starting to blow. They are predicting a gradual drop in bad credit loan rates that will start happening soon. As lenders stabilize from the housing crisis, more bad credit loans will be made available, but most likely not in large amounts as before.
Matthew Carter, divisional director for mortgages at Nationwide, said: “As a building society we always aim to offer our members the best possible deals. For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market. As part of our commitment to rewarding customer loyalty we now have a Lifetime tracker mortgage offering a good deal for customers who are switching their Nationwide mortgage.
“In addition to fees starting from £299 for first time buyers and the option to switch and fix on any tracker mortgage, customers can have confidence taking a mortgage with Nationwide whether they are buying, re-mortgaging or coming to the end of their existing deals”.
Related reading: Bad Credit Loan
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