Solution Mortgages News

Solution Mortgages news on bad credit remortgages, poor credit remortgages and for people with arrears & ccj’s. Remortgage news with regards to the adverse credit market and people with sub prime credit.

Monday, July 14, 2008

Firstplus

Last week Barclays announced that it was to stop selling new loans through its Firstplus brand.

Firstplus were the UK's largest supplier of homeowner loans and the decision to stop lending is undoubtedly a major blow to the secured loans industry.

A second charge mortgage is supplied to those consumers that already have a mortgage, allowing homeowners to borrow based on the equity held in their property.

A reason for taking a secured loan over a remortgage could be due to having excessive redemption penalties on your first charge or consolidating any unsecured credit.

The demise of Firstplus does leave a void in the market but there are still lenders out there.

At Solution Mortgages we still have access to at least 5 secured loan lenders and therefore people who are looking for a secured loan should not be put off applying for such a loan.

If you are interested in a secured loan, please feel free to contact Solution Mortgages on 0845 123 1260 or apply online at www.solution-mortgages.co.uk