During the last 12 months the UK finance industry has been in turmoil; however there are signs of change. Loans are still hard to come by due poor or bad credit, but there are other options for people who are looking for consolidation such as Debt Management or an IVA.
The general rule of thumb when applying for a home loan or secured loan is to make sure the LTV or loan to value is not above 85%. Lenders are still only prepared to advance loans to customers who have less than that percentage. A home loan is normally a quicker way to get the loan accepted but doesnt always mean that it the best loan solution.
Customers should always look at other avenues to ensure they get there loan accepted, mortgage brokers or loan websites are an option. If a customer has bad credit then they should maybe consider leaving any re finance or home loan until their credit has been repaired over next 6 months or so.
Lenders have started to slacken their loan criteria, allowing additional income variables and not requesting a mortgage valuation, this saves time and money for the customer and doesnt affect the chance of the customers loan being accepted.