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Debt Management & Debt Advice Freephone 0800 634 5521
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© Debt Emergency
Debt Management & Debt Advice
Debt Management & Debt Advice
Freephone:
0800 634 5521
0800 634 5521
Secured Loans
A secured loan is any loan that requires the borrower to provide the lender with some form of security. With secured loans, the security will be the borrower's property, regardless of whether it is mortgaged or owned outright. Loans that are secured against a property that is already mortgaged are known as second charges, whereas loans that are secured against a property owned outright with no existing mortgage are known as first charges.
Choosing a Secured Loan
Secured home-owner loans are available in varying amounts and for different purposes , including debt consolidation. The amount available to borrow ranges from an average of £3,000 to £50,000, however some lenders may consider lending up to £100,000. The amount borrowed is repaid on a monthly basis over a term agreed at the outset, the term usually ranges between three years and twenty five years. If you repay your loan earlier than agreed, You could be charged a penalty so you should check each lender's individual policy with regards to this.
Lenders charge interest on the amount you borrow, this is referred to as the Annual Percentage Rate (A.P.R). The A.P.R will all depend upon the equity you have in your property, the lender's view of your ability to repay the loan and your personal circumstances, e.g. any adverse credit. Subject to your circumstances, you may be able to borrow up to 125% of the property value. The A.P.Rs quoted by the lender are usually typical rates, and act as a guide only as the exact rate offered will be based on an individual basis. As a general rule, it is advisable to compare the A.P.Rs of different loans, as this is a good way to determine how competitive they are.
Secured loans are much easier to obtain than unsecured loans, because the lender has the added benefit of security, which provides protection in the event of a customer's inability to repay. This also means that persons who are self-employed, have recently changed jobs or who have adverse credit can take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.
With Secured loans the interest rates are higher than that of a re-mortgage, it is sometimes better to remortgage than take out a loan.
If you do experience difficulties with your repayments, seek advice from your lender as soon as you can. Remember, your property acts as security for your loan and it is therefore at risk in the event of any repayment problems.
Secured home-owner loans are available in varying amounts and for different purposes , including debt consolidation. The amount available to borrow ranges from an average of £3,000 to £50,000, however some lenders may consider lending up to £100,000. The amount borrowed is repaid on a monthly basis over a term agreed at the outset, the term usually ranges between three years and twenty five years. If you repay your loan earlier than agreed, You could be charged a penalty so you should check each lender's individual policy with regards to this.
Lenders charge interest on the amount you borrow, this is referred to as the Annual Percentage Rate (A.P.R). The A.P.R will all depend upon the equity you have in your property, the lender's view of your ability to repay the loan and your personal circumstances, e.g. any adverse credit. Subject to your circumstances, you may be able to borrow up to 125% of the property value. The A.P.Rs quoted by the lender are usually typical rates, and act as a guide only as the exact rate offered will be based on an individual basis. As a general rule, it is advisable to compare the A.P.Rs of different loans, as this is a good way to determine how competitive they are.
Secured loans are much easier to obtain than unsecured loans, because the lender has the added benefit of security, which provides protection in the event of a customer's inability to repay. This also means that persons who are self-employed, have recently changed jobs or who have adverse credit can take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.
With Secured loans the interest rates are higher than that of a re-mortgage, it is sometimes better to remortgage than take out a loan.
If you do experience difficulties with your repayments, seek advice from your lender as soon as you can. Remember, your property acts as security for your loan and it is therefore at risk in the event of any repayment problems.
YOU CAN APPLY FOR A LOAN WITHOUT LEAVING THIS SITE!
Looking for a loan but been refused?
Give our helpdesk a call ..... No obligation, just the best advice on choosing the best option for your circumstances.
Lines open 8am to 8pm Mon to Thurs, Fri 9am to 5.30pm and Sat 10am to 4pm.
Looking for a loan but been refused?
Give our helpdesk a call ..... No obligation, just the best advice on choosing the best option for your circumstances.
Lines open 8am to 8pm Mon to Thurs, Fri 9am to 5.30pm and Sat 10am to 4pm.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED I YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.
