During the recession the interest rates for secured loans increased, but now matters are improving with the introduction of a new rate of 7.9% from Link Loans for status homeowners who have an equity margin of at last 65% in their property. Nemo have followed by also lowering rates to from 7.9%, and yet again like their competitors the equity is 65% maximum.

These are the lowest rates since 2008, and hopefully after a few difficult years there are improvements, in store as regards all the homeowner loan products.that include not only secured loans but also mortgages and remortgages all of which have decreased, bringing brokers and lenders to their very knees.


These loans have greatly changed since before the recession, and apart from the interest rates for these loans, another problem for the finance industry has been the tightening of equity

In the past there were 125% secured loans, mortgages and remortgages meaning that applicants could borrow at 25% more than the property was worth

For a time, the best equity for secured loans was 75% for employed applicanrs and less for those who were self employed,

Now secured loans are available at 85% for those in employement and 75% for those working for themselves.

First time borrowers were badly affected when the maximum mortgage they could obtain was a 75% one which caused many to rent rather than buy.

Again things are improving, and some mortgage lenders are now providing 90% mortgages even for those buying for the first time which may kick start the housing market that has als been in a state of stagnation.

Brand new homes have suffered the most with their sales less than half of the level of before the recession, and as often young people buying their first home prefer a new property, it is to be hoped that with mortgages more affordable to them that the property market will also benefit


Another great improvment is in the realm of self employed secured loans that are available a 65% equity for someone trading for only six month without accounts