For those seeking a cheap personal loan or mortgage with a great rate, consumers are ending up disappointed. Nationwide, one of the largest lenders in the cheap personal loan or mortgage business announced that they were yet again raising rates and soon it be impossible for anyone to get a cheap personal loan, at least while the economic crisis continues. Although cheap personal loans are still available right now, experts are saying that the current announcement from Nationwide does not bode well for their future availability.”The mortgage market will not transform overnight and we need to be able to manage our business in a prudent way while the SLS takes effect,” Zoe Stevens, a spokeswoman for Nationwide, said. “These changes will allow us to maintain control of the volume of business the Society is attracting, while enabling us to continue offering our full range of mortgages to our existing members in a controlled way.”Jeremy Leaf of the Royal Institution of Chartered Surveyors (Rics), said: “Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight. The slowdown in prices is directly attributable to a lack of available finance which has hit demand.”
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