The rates for CCJ loans remain at record highs and the few banks that still offer them are not accepting many applications. There is definitely a drop in availability for CCJ loans and it appears as though this trend is going to continue for quite some time. This is mainly due to the high risk involved with CCJ loans, as well as the bad press they have gotten over the next few months. For applicants in need of a CCJ loan, most experts are advising waiting for the markets to turn around before putting in an application.
Louise Cuming, head of mortgages at moneysupermarket.com, comments: “Lenders do not have to rely on headline rates to hook borrowers in at the moment.
“Often a great headline rate has come with an extortionate fee, but lenders are being much more transparent now about the true cost to the consumer and where their profit comes from.
“Higher rates might seem unpalatable for some people; however, those lower fees can make it cheaper for borrowers on a smaller mortgage. Consumers must look at both the fee and the rate if they want to work out the best deal for them.”
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