Those seeking a high end cheap unsecured loan for property are finding it increasingly difficult to get an approval. Banks are starting to crack down, even on the upper tiers of cheap personal loan applicants and suddenly, credit doesn’t make that much of a difference. The bottom line is, those seeking a cheap unsecured loan for a large amount may not be able to get an approval, or may end up paying more than they would like to on the entire loan, thanks to rising rates and fees.
“The credit crunch has made it more difficult to get mortgage finance, and the top end of the market has not emerged unscathed,” says Melanie Bien, of Savills Private Finance.
“Lenders are no longer interested in the top end of the market,” says Gary Festa, of HFM Columbus, a wealth manager and mortgage broker. “Lenders are increasingly capping their loan offerings. Nationwide’s cut-off point is £500,000, as is the Chelsea Building Society’s for any scheme other than its standard variable rate.”
“It is still possible to get larger loans, but it is undoubtedly true that many of the cheaper rates will not be available,” says David Hollingworth, of London & Country Mortgages.
Related reading: Cheap Unsecured Loan
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