With the economy here like it is, you will probably find that your home will become an important part of your planning even though the housing market has tightened significantly.
A recent announcement from the Royal Institution of Chartered Surveyors confirms this. They surveyed housing confidence in the UK and found that it had fallen to a 30 year low.
“Policy-makers, such as the Bank of England and the Treasury, all want to see our surveys in advance of them being published”, the Institution’s chief economist, Simon Rubinsohn said. Which indicates the accuracy of this survey and the tightness of the housing market.
In the survey the Institute looks at what other inquiries into housing have found recently. HBOS, for example, Britain’s largest mortgage lender, has said there has been a 5 percent drop in UK house prices this year. And Halifax’s latest house price index was lower by 2.5%, indicating a 1 percent drop in UK property values in the latest quarter. Capital Economic, another research group, has predicted an 8 percent drop in house prices by the end of the year. More details please visit:-algiamedical.com coincrafty.com actknw.com
Good news in housing downturn
So, confidence is down. But this is not all bad news for house owners. Especially if you have owned your home for some time. Because the traditional lenders in the banks still need to put their money out in investments so they can earn a profit for shareholders. They need to be working and earning in both good times and when the economy is straitened. So they are actively looking for reliable borrowers. And anyone with some equity in a reasonable home, and who has a normal cash glow, is going to be a reliable borrower.
If this is you, then you are part of the silver lining on the country’s current housing cloud. Your home can be exactly the resource you will need when one of those large, unplanned bill arrives in your mail box. You can go with the equity in that home to your bank, or to one of the many nimble, reliable non-bank lenders out there, and talk about getting a loan with your house as the guarantee you will repay it.
We all need loans occasionally
This is called a secure loan, and while some lenders are easier to deal with, and some terms and conditions more favorable than others to you, they all give you assured, safe access to fast money. And we all will need a loan like this form time to time. Perhaps you need to add a bedroom to the family home because the kids have outgrown the room they shared. Or this may be the it me to wipe out all your debts from those credit cards and start again. Or it may be that someone needs an operation that the national health system is not going to provide for months, but which is available in a private medical center. Or perhaps your car got hit in an accident, and you need to get a new one by next week. Or what about a wedding the family? Your home could provide the money your daughter needs to have the wedding of her dreams.
All of us get hit with these expenses, and most of us would not be able to meet them from wages or salaries. Even if both husband and wife are working. But with equity in your home you can find the money you need. Even in these times when the housing market is less than buoyant.
How to get the best loan
Almost all reasonable lenders will help you get a secured loan if you have equity in your home. It is something you will want to go into with your eyes open, of course, because you are putting up your home as collateral. In theory, if you fail to meet your loan conditions the lender could sell your home to get his money back. Of course as long as you have a standard job with a reasonable amount of certainly about your employer staying in business, this is just a theory: you will meet your loan obligations like the tens of thousands of other ordinary people who get secured loans.