Due to the current recession many individuals think that bad credit loans no longer exist.
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.
It is certainly a fact that bad credit loans now as in the past are not available to those who do not own their property, but simply rent it from a local council or housing association or a private individual. Even tenants with a good to an excellent credit rating find it difficult to obtain loans of any kind at the best of times, and since the recession the situation has become more and more dire.
However for homeowners the situation is different. Until 2007 it was fairly easy for a homeowner to obtain a bad credit secured loan up to a maximum 75% LTV, even with extremely poor credit. Some homeowners who were on the verge of having their property repossessed were saved at the last moment by receiving a bad credit loan.
Though not as easy now as two or so years ago, it is still possible to obtain bad credit loans..
There are still bad credit loan lenders who advance bad credit loans up to a maximum LTV of 60% to 70% but these bad credit loans are for light adverse.
Blemain Finance and First European Securites are the two remaining secured loan lenders who give bad credit secured loans to homeowners with any number of adverse credit units registered against them.
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.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")