Housing Market Slump? - Loans for Bad Credit Seek New Lenders

Loans for Bad Credit announce plans to help first time buyers with a poor credit rating get on the housing ladder by actively seeking new lenders to join their existing panel of specialists.

London, United Kingdom, December 20, 2007 --(PR.com)-- The increase in lending rates between banks (which are passed on to borrowers), the removal of bad credit loan products by many mortgage lenders and a fear of recession has led to a lack of confidence in the market. Latest figures from the Halifax Price Index show a fall of 1.1% in November, with mortgage approvals down by a massive 32% from the same time last year (Ref: HBOS House Price Index).

Andy Hygate believes that a substantial fall is on the cards and that Loans Bad Credit will be ideally placed to source loans for those on the first rung of the property ladder by forging new links in the finance industry. “We believe that a vacuum has occurred at the foot of the property market which will exacerbate the already fragile market and lead to a severe correction – this may be bad for investors and those seeking to exit the market but will be good news for our customer profile The crash of 1989 caused property values to drop by 30% or more within just a few months and though painful for many it meant that housing became more affordable and when economic conditions improved new buyers were able to enter the market and effectively refuel it.”

As for now Loans for Bad Credit recommends that first timers hold their fire and see if the market softens further - there could be some worthwhile savings to be made over the next couple of years.

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