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Uk Banks Relax Mortage Rules
By Debtsolver, Thu Dec 8th
Self-employed and people in the UK with a bad credit history arefinding it easier to obtain a mortgage, according to theindependent market Datamonitor. Their research published thissummer shows that the number of people who had previously beenconsidered as being too high a risk to be able to borrow moneyfor a home, are now being offered mortages. Datamonitor suggestthat the lending banks have eased their rules because themainstream market is saturated. In fact last year the rate ofgrowth of lending to people who were previously considered toohigh a risk, was double that of "mainstream" UK mortgage lending. Although on average 9 million adults a year are refusedmortgages because they have too low a credit score, an estimated£
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40 billion in mortgage loans was awarded to people who eitherhad a history of bad credit, or were self-employed. This is arise of nearly 10% compared with 2003 and is evidence of thebanks relaxing their credit rules to open up new markets. Self- employed and high risk creditors have not only seen animprovement in their chances of obtaining a home loan, accordingto Datamonitor. The number of people who were previouslyconsidered "unsafe" self employed or those with a poor credithistory
Who work for themselves or who have had previous debt problemswill find it easier to get a credit card too, rising from 9.5million to 13 million by 2009 according to a Datamonitorforecast. Put simply, mainstream banks and credit lenders are finding itharder to find new customers in the mainstream market, and maybe easing their rules to award credit to groups previouslythought to be too high a risk. This may may be good news forthese peole who have found it hard to get credit in the past.Some analysts, however, are warning of increased levels of baddebt in the future. About the author:Debtsolver is a UK company providing resources and informationon DebtManagement UK, Debt Consolidation UK, DebtProblems UK and IVA & DebtAdvice
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