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Loan quotations provided in the second half of September are valid for a set period of time after which requests will need to be requoted. This is situation is normal for loan quotations but is particularly import in the present climate with many loan plans being amended due to changes in worldwide credit markets.
Although interest rates are affected in some cases, there are also changes in the size of loans allowed and in the way fees are charged on certain products. There will be significant changes in the way loans are approved for self-employed individuals, with secured loans now limited to between 75% and 80% of available equity.
Lenders such as Morgan Stanley, First Plus, Blemain, Paragon and Nemo have all announced new approval criteria. These names may not be well-known to customers but they represent some of the bigger lending companies used by many loan brokers.
A similar situation is taking place in the mortgage marketplace, with many mortgage companies either increasing interest rates or restricting the size of mortgages they approve. The activity is all aimed at reducing the risk mortgage companies face with unpaid debts.
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