(PRWEB) September 18, 2008
Despite the problems affecting the world's financial markets Greenhill Finance points out that UK lenders are still lending - and there are an increasing number of good deals to be had by homeowners.
Fact: Remortgage rates below 6% are now available from several UK lenders.
America's 'wobbly weekend' - the collapse or takeover of some of the world's biggest, oldest and most successful US financial institutions - does not seem to have dented the determination of UK lenders to keep on lending.
Bruised they may be, but not broken or bowed.
So although some pundits have been busy pessimistically forecasting a return of the Great Depression of the 1930s Britain's lenders have been just as busy ignoring them and carrying on doing what they are in business to do.
The result is not fewer but a growing number of loan and mortgage products on the market.
Greenhill Finance, one of Britain's leading finance brokers, makes the point strongly this week that UK lenders are not only still very much in the business of lending money but are also doing so at rates below those of a few months ago.
They point out, for example, that there are now a number of remortgage products offering interest rates well below six per cent with secured loans not far behind.
Greenhill point out that homeowners are in the strongest position because of the security they offer and therefore the best deals are in that sector.
Moreover a number of leading UK experts, including the British Chambers of Commerce (BCC), are confidently predicting a return to better days ahead in 2009.
They say things may be looking bad, and may get worse before they get better, but if everyone holds their nerve they will get better.
One expert has predicted that house values, in particular, will be 25 per cent higher in five years than they are today, even if they dip further in the months ahead as seems likely.
Lenders are aware of this and so are happy to keep on lending, albeit with perhaps a tad more caution than before the 'crunch'.
They point out that since the financial world did not grind to a shuddering halt on 'wobbly weekend' they still have businesses to run and competitors to compete against.
Which is good news for homeowners, especially if they have held a mortgage with a UK bank or building society for more than three years. They are now in an excellent position to benefit from this competition.
Greenhill Finance are in business to help select the best UK loan or remortgage deal for an individual's circumstances. For more information call 0800 916 4148 or visit http://www.greenhillfinance.co.uk.
Banks Inject Billions 2008: http://uk.biz.yahoo.com/16092008/323/ecb-pumps-billions-markets-lehman-collapse.html