Welcome Finance Loan Refunds

August 15th, 2011 | international business news

At the same time, as mentioned above, the clearing banks entered the market for housing loans. In particular there was a considerable expansion of what was known as ?equity withdrawal?. This allowed home-owners who already had a housing loan (mortgage) to take out a second loan against the security of the house?s increased value. Since house prices had risen consistently this was a very convenient source of borrowing. Since it was secured against property it was also cheap. It became a very cheap source of consumer borrowing. Before this period building societies and banks, would not have provided such loans. A household could only get a bigger loan if it bought a more expensive house. Whether it is sensible for households to borrow funds for consumption against the increased value of a house is an interesting question. Financial institutes were competing to lend and households were willing to borrow. Go to Welcome Finance for more information.

Source: http://www.pinky-violence.com/international-business-news/welcome-finance-loan-refunds/

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