Secured Loans Now Available With 85% Loan To Values
Published: 7 October 2010 By MoneyHighStreet Staff Leave a Comment
Confidence seems to be returning to the loans market as Nemo now offers secured loans with up to 85% loan to value (LTV).
Lenders have shied away from offering secured loans since the credit crunch as an increased aversion to risk forced them to rethink their lending strategies and criteria.
Loan products were withdrawn and LTV’s fell as lenders tightened their lending criteria or withdrew from the market entirely.
The news that Nemo loans is now offering secured loans with up to 85 percent LTVs (£100K maximum loan amount) for those in full time employment, indicates a return of confidence to the market. A secured loan uses the collateral in property as security and therefore there is a risk of a lender repossessing your home if you fail to pay the monthly repayments.
Those who are self employed are eligible to borrow up to 75% of their property value with a maximum loan amount of £60,000.
Nemo loans, who are based in Cardiff, charge 11.4% APR variable and there are no arrangement fees to pay.