Nice Loans.co.uk > News > Swift amends loans criteria
Loan approval criteria updated
The secured loans marketplace is seeing changes almost everyday at the moment and after changing it's product set significantly last month, Swift Advances has made further changes to it's offerings.
Swift is saying that it needs to respond to the flux in the loans marketplace and it is committed to the product area.
Swift has said that rather than pull out of the secured loans arena like some suppliers, it needs to amend it's underwriting criteria to reduce it's risk exposure.
This doesn't mean that cheap loans will no longer be available, it just means they'll only be available for lower risk cases.
The major change is a reduction in the Loan to Value (LTV) percentage that can be approved and seems to be a response to media speculation that house prices are set to stabilise and possibly even fall over the coming year. Press report today state the house price growth in August this year was a quarter of the growth seen in august last year. That makes writing loans secured on the values of properties more risky, so Swift is just being cautious be changing it's rules.
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