Posted 11th October 2007

You have to watch the news or read a newspaper to discover the UK's deepening debt crisis. Home repossessions are rising, interest rates are on the increase and some lenders appear to be more stringent regards their risk assessments to loan applications.

What does this mean for tenants who are in debt?

There are plenty of organisations who are impartial, independent, fee free who are willing to offer advice to tenants. Organisations such as the National Debt Line and the Citizens Advice Bureau usually offer help, advice and assistance depending on the individual circumstances. If such services are used, it is important to gather together all of the information concerning your financial affairs.

What does this mean for tenant loan applications?

Quite simply, there are lenders willing to offer loans to tenants depending on the circumstances, however, always seek independent financial advice before doing so and ensure that the loan company or broker is receptive to your needs. Remember, each loan application whether successful or not is recorded against your credit file. Some tenant loans companies factor in such information into their risk assessments.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.

© uk-property-business-plan.co.uk Resources Resources2

IT IS IMPORTANT THAT YOU READ ALL THE LEGAL NOTICES ON THIS WEBSITE.

Please note, the services and information on this site do not constitute any form of advice or recommendation by UK Property Business Plan and are not intended to be relied upon by users in making any order or purchase. Appropriate independent advice should be obtained before making any such decision.