One quick year has passed since the bad credit loan crisis began and for many, the outlook is much different this time around. Since the bad credit loan crash happened, thousands have lost their homes, and more at risk right now than ever. For those struggling to pay off their bad credit loans, there appear to be few options available, and many do not know where to turn for help.
Michelle Slade, analyst at Moneyfacts.co.uk, comments: “One year ago the financial world changed completely as the credit crunch took hold. Today the world of mortgages is a completely different place.
“The standard factors which usually determine the rates at which mortgage rates are set, including bank base rate, swap rates and Libor rates are all much lower than this time last year, yet the rates on offer are much higher.
“As house prices continue to fall and the risk of default increases, the lenders are pricing more for risk and as a result these standard factors are not quite as influential on the rates as they once were.
“There does not appear to be a single aspect of the mortgage market that has not been unfavourably hit.”
Tags: adverse, credit, loan, mortgage, self, cert, council, car, home, improvement, holiday, remortgage, tracker, fixed, rate, mortgages credit, home, improvement, council, mortgages, mortgage, remortgage, holiday, tracker, fixed
Related reading: Bad Credit Loan
Comment on this article