Mortgage & Loans - LTV's Drop!
08/04/2008Loan to values have dropped on mortgage and loans! With property prices starting to fall many mortgage and loan lenders are cautiously lowering their loan to value to ensure security of the loan.
This week the Abbey has pulled its 100% loan to value mortgage product in light of news that the property prices have fallen by 2.5% in march, this mean there is no mortgage lender offering a 100% mortgage product. This 2.5% fall is the biggest single drop in house prices since the house price crash of the 1990's. With the booming prices of 2001 onwards it finally looks as if the bubble has burst, with experts saying the prices will fall in value by 20 - 30%.
The second charge lender Firstplus are the only lender who are securing on 100% of the value of a property at the moment. So people remortgaging and looking to consolidate their credit may have to remortgage and get a secured loan to reduce there monthly commitments as the the economy tightens its grip.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.