It appears as though some banks may be getting more competitive and trying to offer cheap personal loans, at least to those with decent credit. While cheap personal loans are not yet widely available again, there does appear to be some hope on the horizon that new competition may change this. However, for those seeking a cheap personal loan right now, it is essential to have excellent credit and the search for a bank willing to lend may be long and hard.
Aaron Strutt of Chase de Vere Mortgage Management, a broker, said: “This is the first time in a year that we are seeing fierce competition for borrowers between the biggest lenders.
“That said, this is a low-risk, low loan to value price war, and more help is still needed for first-time buyers, many of whom are finding it difficult to get on the property ladder without a deposit of 25% or more.”
Seema Shah of Capital Economics, the consultancy, said: “The mortgage credit squeeze looks set to continue weighing heavily on the housing market. With the economic outlook deteriorating, downward pressures on house prices will continue unabated for some time.”
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