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Prudence and Perseverance are Greenhills Tips for Potential Homeowner...



With lending by UK banks still appearing hesitant Greenhill Finance is advising homeowners to match prudence with perseverance to get the best deals on offer.



Quote: 'sBanks and building societies do want to support homeowners but they have limited funds available and are, quite reasonably, taking a prudent approach to risk's - CML director general Michael Coogan.



Greenhill Finance, one of Britain'ss leading finance brokers, is advising homeowners looking for a secured loan or to re-mortgage to develop something of a stubborn streak in order to get the right deal.



It believes there are good deals to be had following the Bank of England'ss dramatic 1.5% cut in its UK interest rate last week, to a new low of just 3% - but customers will have to be more persistent to get the best rate.



The company was responding to the complaint by the Royal Institution of Chartered Surveyors (Rics) today (13 Nov) that a lack of available mortgages is 'sstifling's the housing market.



This is on top of a statement by the Council of Mortgage Lenders (CML), replying to criticism of the financial institutions for not lending more despite recent government recapitalisations, that the money is there but lenders are being careful about to whom and how much they lend.



Greenhill'ss call follows news that UK home sales have fallen to a 30-year low and lenders have reported that the number of loans for house purchases in the UK dropped by 15% in September compared with August and are 57% lower than September 2007.



The continuing unease in global money markets at the growing threat of a worldwide recession that is forecast to last at least for most of 2009 have meant the hoped-for easing of lending has not happened.



As a result of lenders becoming 'ssticky's, Greenhill is advising homeowners looking for credit to add the principle of perseverance to that of prudence.



Prudence in the present market, it says, means not borrowing more than 75% of the value of your home in order to avoid the risk of falling into negative equity, where the amount of the loan is more than the value of your home.



It reminds homeowners that one of the key conditions of borrowing against the value of your home is that the lender can repossess your home if you do not keep up the payments secured against it.



Although there is pressure on lenders to resort to repossession only as a last resort - pressure Greenhill Finance supports - there is nothing anyone can do very much to stop it if a borrower has agreed to it.



Perseverance, on the other hand, is not giving up at the first obstacle, it says. Provided you are prudent and sensible about what you can afford to repay Greenhill insists there are products available to those determined enough.



It warns that the terms will inevitably not be as favourable as they were a year ago but better deals will open up as conditions ease in the months ahead, when borrowers will be able to switch to cheaper products than currently available.



Greenhill Finance is one of the UK'ss leading finance brokers for homeowners with a poor credit rating. It is in business to help select the best secured loan or re-mortgage deal for an individual'ss circumstances.



For more information call 0800 916 4171 or visit www.greenhillfinance.co.uk.






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