Consumers needing an adverse credit loan may soon be able to take heart that lower rates will be coming back. Several banks are starting to lower their rates and experts believe it is only a matter of time before adverse credit loan rates drop as well. This should help breath life back into the adverse credit loan market.
Tom Girling, Mortgage Product Manager for the Society said, “We are pleased to have seen application levels pick up. It is clear that our recent launch of a 5.54% 2 year fixed rate with a £895 fee has triggered a swift uplift of applications. Now that there is clear water between typical SVR’s of over 7.00% and the best 2 year fixes it has focussed borrowers attention on getting their monthly costs down.”
Richard Taylor, Head of Mortgage Products at Alliance & Leicester, said: “We are reducing the majority of the rates across our mortgage portfolio, which is great news for people looking for a new deal.
“These new mortgage products are available to both new and existing customers, with a number of options to choose from, including deals which benefit from no fees, as well as free valuation and legal fees.”
Related reading: Adverse Credit Loan
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