Don't pay more than you have to on Bad credit homeowner loans
Over recent years the debt mountain and the level of bad debt in the UK have both risen sharply, and this has reflected the rising number of people that have managed to clock up a range of bad debts, affecting both their lifestyles and their credit rating. As most people know, the state of your credit can severely impact on your ability to get competitive rates on finance - and even on your ability to get finance at all. However, with more and more people with bad debts, lenders have had to fill the gap in the market by offering by offering loans for people with bad debt.
As a result of this the number of bad credit homeowner loans available in the UK has risen, with a range of lenders now offering finance to those with bad debts. However, borrowers with bad debts are considered a high risk to lenders, which means two things. Firstly the rate of interest charged on bad credit homeowner loans is likely to be significantly higher than on loans for those with bad credit. Secondly, most lenders that offer bad credit homeowner loans will only do so on a secured basis, which means that you will need to be a homeowner in order to qualify for one of these bad credit homeowner loans.
Although the interest rates on bad credit homeowner loans are higher than on standard or best rate advertised loans, there are still some competitive deals available. However, it is easy for someone with bad debts who is keen to take out finance for whatever reason to get duped by a seemingly attractive rate of interest only to find that there are various hidden fees and charges that bump up the cost of borrowing. It is important to know what to look for with bad credit homeowner loans as you need to find a loan that is affordable - remember, with homeowner loans failure to keep up with repayments can result in you losing your home.
Rather than trawling through various lenders that offer bad credit homeowner loans, filling in numerous applications forms, and then taking the risk of ending up with a poor value loan, it is a good ideal to enlist the help of experts when looking for bad credit homeowner loans. Here are Loans4 we have experience and skill when it comes to finding competitive rates on bad credit homeowner loans, and although you won't be eligible for the best rates on the market you can enjoy the benefit of a competitive rate based on your circumstances.
Our expert team has plenty of experience when it comes to sourcing a range of lenders that offer bad credit homeowner loans, and with access to a wide panel of reputable lenders we can ensure that you don't have to pay way over the odds for the privilege of being able to take out a loan. When you take out bad credit homeowner loans you will also be able to work on repairing your credit, and although this can take some time, providing you keep up with repayments on your loan, you could switch to a better rate loan a few years down the line as your credit improves, aiming of course to qualify for best rate loans in 5 to 10years time.
If you want to save yourself the time, hassle, and frustration of looking for a bad debt loan to suit your needs all you need to do is provide us with some basic details using the online facility provided. We will then source our range of great value bad credit homeowner loans to find the one that best meets your needs and circumstances. Our speed and efficiency means that you won't have to wait around, and we will get your loan processed and completed quickly for you.
The Competition and Markets Authority (CMA) has announced a recommendation that a full competition inquiry into banks in the UK is required, a review which will include current accounts and business lending.
Alex Chisholm, the CMA chief executive, says it is vital that the banking sector operates properly as it should do in order best value for consumers is achieved,
As such a full eighteen month investigation is being proposed, with the process starting with a consultation, and the CMA will take a final decision in the autumn, if or not to continue with a full-scale more in-depth review.
Main areas of concern are:
The number of consumers shopping around and switching between banks remained low - just 3% a year for personal accounts.
Many customers see little difference between the largest banks in terms of the range of services they offer.
Current account overdraft charges were found to be very complex, making it harder for bank customers to choose the cheapest or most appropriate accounts.
'Free' banking may be distorting competition.
It is still difficult for newer and smaller 'challenger' banks to get into the industry and become rivals to the 'big 5', particularly in areas outside of England where rules are different, such as Scotland and Northern Ireland.
In theory, depending on the outcome of the review, the CMA could order a break-up of UK's biggest banks. The big four being - Barclays, RBS, HSBC and Lloyds - who currently have a 77% share of the current account market.
Both RBS - which is divesting itself of Williams and Glyn- and Lloyds, which has already split off its TSB part of the business, are already smaller than they were.
It is likely a forced break up would not be proposed by the CMA, but probably an approach where it is suggested banking organisations come up with solutions for the areas of concern, and if not, then the CMA may step in using its powers to change the way the sector operates.
The CMA also is wanting to focus on "behavioural" changes, which is the ethos that fundamentally underpins the organisation and influences the way staff at all levels think and operate, and what kind of attitude towards customers they have. more ....