Home Page for Finance Select UK
Finance select is part of the FSUK Group, and we have over 22 years experience within
the sub-prime finance industry.
Due to expansion we are now franchising our finance business nationwide.
From Credit Cards and Motorcycles to £1,000,000 Loans, we have the lot..
Our products are here to help people who have had some form of credit problem, from
CCJ’s to Defaults-Arrears, even being Self-Employed and are finding it difficult to
obtain finance in the traditional way. We have many different products available, and
believe that we have the solution to your financial needs. We provide the following for
people with credit problems! CCJ's - Defaults - Arrears - Self-Employed - Armed Forces -
Retired Etc. OUR LASTEST PRODUCTS INCLUDE: ASSET FINANCE, VEHICLE LEASING, CARAVANS,
MOTORCYCLES AND MOTORHOMES...
Concerns about the Credit Crunch? ACTION - REACTION
Here are the facts explained easy for you to understand! Yes, times are hard, but we as
a company are actually busier than usual. This is because we have many different products
onboard so we are not just confined to one. Mainly, the worst effected is Mortgages!
We have many products so even though Mortgage lending has slowed down (We are still
completing applications, just not as many) but remember for every action there is a
reaction. We are much busier now with other products, like Debt Management/HP/Credit
Cards/Loans etc, as people are getting in more debt or trying to get themselves out of it.
People are juggling credit to try and keep their heads above water while we all ride this
credit crunch through. And we will, even now with interest rates down to there lowest ever
@ 2% lenders are slowly coming out of the wood work and starting to pass on the interest
rate cuts. Next year they'll start lending again with less deposits needed.
Banks are still lending and have never stopped; they were all scared after the collapse
which happened in the USA. Banks lend money to each other, and when this stopped, it
caused the problem we all now know about. But with all the changes recently made, things
will start to get much better for everyone. Banks have to lend money, that's their
business, that's what they do! So, slowly but surely things will get better, and already
are. Banks will slowly offer better rates and things will be much more improved. The main
problem with the banks was that they lowered their loan to value (how much they would lend
you compared to what the house was worth).
E.G ...
House price £100,000
Banks used to lend up to, in some cases, more than the house was worth, say, £125,000
So the customer could redecorate, furnish etc.
Customer then fails to keep up repayments, bank has to repossess the house. House then
goes to auction, house makes £80,000 banks out of pocket by £45,000.
This happened in the USA on a massive scale, and caused a nightmare which spread overhear
and further.
So now the banks only want to offer mortgages to people with larger deposits to stop this
happening again. So as a result no bank currently is offering a 100% mortgage, 95% is the
best on offer. Our type of customers are used to having to find a deposit because they
have had credit problems in the past. We are also busier with applications from people who
considered themselves to have reasonable credit, but are now being turn down by the main
stream lender as they have tightened their criteria.
We are also still completing car finance deals, the new car applications have slowed down,
but people are opting for second hand cars instead, so again! for every action there's a
reaction. What goes up, must come down, and so on, you've heard them all before but they
are true!
So, there you have it, for every action there is a reaction, and because we have many
different products onboard (unlike other franchises or finance companies)we have not
slowed down. When one company slows down, others take off. Look at Estate Agents, selling
houses, there struggling, but rental companies are booming! If they did both they would be
ok. We do both and much more, hence why we are busier then normal. We hope this
information will help make things a little clearer for you, and we hope you can see that
there is plenty of money still to be made, along with a stable future, because lets face
it, in our life times we'll all need money I'm afraid...
We are always looking for finance introducers, so if you would like to earn excellent
commission for simply introducing customers that would be interested in our products! Or
maybe you might fancy one of our finance brokerages. Both offer different things depending
on affordability and experience. (Please see below)
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