|
Sunday, 6th May 2007
According to the latest 'Loan Market Monthly Report' from one of the independent loan comparison sites states that the secured loan market is thriving... The report provides invaluable insight into the state of the UK secured loans market.
Recently, an independent loan comparison site examined thousands of loan applications and concluded that the secured loan market is thriving with more people borrowing more money and arranging longer repayment terms.
The report
shows that 60% of the total applicants were men. Not only did fewer women apply for loans but the average loan amount requested by women applicants was also less - half of what was requested by men. But, the average repayment term was more or less the same.
The report also indicates that majority wanted secured loans for amounts between 10,000 and 25,000. Further, one third of the applications were for amounts below 10,000 and one fifth for amounts above 25,000. The average amount requested in March 2007 was 22,514 - up by 2.3% since February 2007.
Despite being offered a repayment term range of 5 to 25 years, most borrowers selected to repay their loans in the multiples of five - 5, 10, 15, 20 or 25 years. Of all, the five year and the ten year terms were most common. These two were chosen by more than half of the applicants.
The report also
throws light on the increasing trend of self-valuation of the property (home) by loan seekers. This provides a different take into the housing market because most applicants determine what they think their house is worth, rather than basing it on a valuation.
In March 2007, the average house value declared by applicants was 230,000 with 90% of people saying their home was worth more than 100,000.
The general consensus is that now more and more people are utilising the equity in their house for a variety of reasons.
Source:
http://www.24-7pressrelease.com/view_press_release.php?rID=28052
|
