Despite public perception that adverse credit loans are impossible to get, some banks are asserting that they are still available. While adverse credit loans are certainly not as available as they once were, there are still many to be had, especially for those that find the right bank. This is certainly good news for those that are seeking adverse credit loans in the midst of the housing crisis.
Martijn van der Heijden, HSBC’s UK head of mortgages said: “There is a perception at present that banks are not offering mortgages. In fact, our latest study suggests that access to finance is not a major issue. Instead, many buyers are taking a wait and see attitude, naturally some feel uncomfortable buying a home which may be worth less in six month’s time.
“Almost one in four buyers think they might struggle to get a mortgage, however just one in fifty has actually given up on their purchase due to failing to find a suitable loan. Anyone keen to buy a home still has an extensive range of mortgage options. Lenders like HSBC, who have traditionally taken a responsible approach, have continued to lend at competitive rates and will continue to do so.”
Related reading: Adverse Credit Loan
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