SECURED LOANS

If you need extra money you may wish to unlock some of the equity in your home.

A secured loan is an excellent way to do this if you are facing early repayment charges on your existing mortgage or you want a shorter term than remains on your mortgage. Secured loans are particularly useful now, where Standard Variable Rates are so low and new first-charge finance may not be cost-effective for you.

Our panel of lenders gives us access to secured loans:

  • Up to 85% LTV
  • Adverse credit and mortgage arrears accepted,
  • Self employed minimum 6 months, no accounts required.
  • Rates from 6.9%
  • Loans from £3,000 to £500,000 for any purpose
  • All property types considered
  • Loans available on main residence, Buy-to-let or commercial properties
  • We pay your survey fee in most cases.

With our team of experienced underwriters, you can have the money in your hands within 7 days of the application being received.

What You Need To Know About Homeowner Secured Loans

The loans industry is a multi-billion sector and it has many players. There are primary and secondary lenders. Banks make up the primary market. In most cases, you need to have a security so that to obtain a bank loan. There are bad credit secured loans.

The loans industry is always progressing. In recent times, there has been the move to mobile.  With some smartphone apps, you can obtain a loan without security.

Most people cannot afford to buy houses using their own savings. There is often the need for mortgages. A mortgage is a type of finance repaid over a long period. Most people also need car loans. A car is an important asset because it makes life convenient.

One might also need a loan so that to start a business. Many financiers usually offer small business loans. Small and medium-sized businesses normally face cash flow problems. To solve a cash problem, one will have to take a loan.

Emergencies do happen. You can fall ill at any time and you might not have insurance or your insurance might not cover all your medical costs. An emergency might require an emergency loan.

Education is important. If you want to live the American dream, you need to be educated. With a good education, you will get a high paying job.  However, the cost of university education is high. Most people cannot afford college. They need student loans. A student loan will cater for fees and living expenses while you are at university. After you complete your studies, you will have to repay back your student loan.

Most people will need to take a loan at one point in their lives. Thus, there is the need to be in the good books of financiers. A lender will decide to give you a loan basing on your credit score. Your credit history determines your credit score. If you usually repay your loans on time, you will have a good score. If you normally default on loans, you will have a bad score. Thus, you should always meet your loan obligations so that to have a good score.

If you have a good score, you will easily get finance from the banks. In addition, the finance that you obtain will come with a low-interest rate. You will not have to pay a down payment if you have a good score.

Even if you have a bad credit score, you can still get a loan. However, you will have to provide a security or pay a down payment. You can easily find bad credit secured loans. The security can be any asset that you have. It can be your house or car.

You will have to prove that you own an asset that you want to act as security. You will subsequently submit the title of ownership to the bank. That means that you will not be able to sell the asset until you complete the loan. If you default on the loan, the asset in question will be sold so that to recover the unpaid amount.

If you have a bad credit score, you can use homeowner secured loans to improve your score. You will need to honour all your monthly repayments if you want to improve your score.

The most important aspect of a loan is the interest rate. This is the cost of the loan. You need to find a loan that has an interest rate that you can afford. The value of your collateral can determine the interest rate on your loan. If you want a lower interest rate, you need to have valuable collateral. For those with bad credit scores, paying a down payment can lead to a lower interest rate.

Debt is unavoidable. The most important issue is to manage your debts. You should not let your debts to go out of control. If you fail to pay your debts, your credit score will decrease. If you always honour your obligations, you will have a good credit score. You will need to have a great score so that to get some jobs.

The Bottom-Line

A bad credit score is not the end of the world. That is because many lenders offer bad credit secured loans. Some lenders will not care about your score so long as you provide security.