Consumers in need of a CCJ loans are quickly finding that it will be nearly impossible to get one, thanks in a large part to the housing crisis. Many have blamed CCJ loans for the current trouble in the housing market, and few banks are willing to lend to any subprime borrowers as a result. There is little that can be done at this time for those in need of a CCJ loan, especially if banks just aren’t willing to take risks. Experts advice saving as much money as possible and waiting for the housing market to improve before applying for a CCJ loan in order to increase the odds of getting an approval. However, the easy availability of CCJ loans may never return.
RICS spokesperson, Ian Perry, said: “The lack of mortgage finance has brought the housing market to a virtual standstill with first-time buyers rapidly becoming an endangered species. Going forward, there are signs that sales activity might pick up a little as sellers start to re-evaluate unrealistic asking prices.”
He added, “The current confused messages from the Government regarding stamp duty risks damaging any returning confidence and may discourage mobility.”
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