| Secured loans are loans secured on property, in much the same way as a mortgage. Secured loans require no upfront survey, legal or other fees. Loans are available for any purpose: debt consolidation, the purchase of a new car, home improvement, holidays, or anything you choose. Any amount can be borrowed from £5,000 to £250,000.
All secured loans are secured on property. To qualify for a loan you must be over 18, resident in the UK and a homeowner. Loans are available up to 125% of the value of the property, interest only if required, with fixed rate and flexible options available.
There are special schemes available if you require a self certification facility that can go up to 100% of property value. There are also many schemes available if you have had credit problems in the past or if you have already been declined for a loan elsewhere. There are schemes available for those with a good financial track record; highly competitive rates are available in these circumstances.
A secured loan allows you to take advantage of preferential interest rates that would not be available for an unsecured personal loan. You are also much more likely to be approved for a secured loan.
The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between three and twenty five years. A penalty may be charged if a loan is repaid earlier than agreed; each lender's criteria differs - please ask for further information with regard to redemption penalties.
The amount that can be borrowed, the term available and the A.P.R will all depend upon the equity in the property, the lender's view of your ability to repay the loan and your personal circumstances. For example, any adverse credit can affect the amount that can be borrowed or the interest rate available. You may be able to borrow up to 125% of your property value.
|
