(1888PressRelease)
May 06, 2007 - Recently, an independent loan comparison site examined thousands of loan applications and concluded that the secured loan market is thriving with more people borrowing more money and arranging longer repayment terms.
The report shows that 60% of the total applicants were men. Not only did fewer women apply for loans but the average loan amount requested by women applicants was also less – half of what was requested by men. But, the average repayment term was more or less the same.
The report also indicates that majority wanted secured loans for amounts between £10,000 and £25,000. Further, one third of the applications were for amounts below £10,000 and one fifth for amounts above £25,000. The average amount requested in March 2007 was £22,514 – up by 2.3% since February 2007.
Despite being offered a repayment term range of 5 to 25 years, most borrowers selected to repay their loans in the multiples of five – 5, 10, 15, 20 or 25 years. Of all, the five year and the ten year terms were most common. These two were chosen by more than half of the applicants.
The report also throws light on the increasing trend of self-valuation of the property (home) by loan seekers. This provides a different take into the housing market because most applicants determine what they think their house is worth, rather than basing it on a valuation.
In March 2007, the average house value declared by applicants was £230,000 with 90% of people saying their home was worth more than £100,000.
The general consensus is that now more and more people are utilising the equity in their house for a variety of reasons.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk
