Secured loans as the name clearly states is only available to homeowners as the secured loan is secured on the equity of your property. If you are a homeowner a secured loan is a good way for you to obtain the funds you need, Secured loan interest rates are dependent on two main criteria, the first, being able to have a good credit rating and secondly, having sufficient equity in your property.
If your credit rating is poor it is still possible to obtain a bad credit loan but the maximum loan available may be restricted, and the loan to value (LTV), will also be low, ie 60%
Secured loans can be confusing the best way is to engage the help of UK Mortgage Advice Ltd who can explain the secured loan process to you and give you a free no obligation quotation. If you are happy with the quotation and are certain that you can comfortably afford the repayments we can virtually do everything for you, from start to finish.
As secured loans are probably most commonly used for debt consolidation, repaying the secured loan will not normally present a problem as consolidating saves a fortune every month by rolling all your debts on credit cards, etc. into one much lower interest monthly payment. We can work out how much you will save every month.
We would have to carry out a credit check with your permission. This will show a list of all your loans, credit cards, etc, and will enable us to work out how much you need to borrow for debt consolidation and how much it is costing every month. Amazingly a high percentage of people do not actually know what they are paying out monthly, asecured loan adviser will help you reduce your monthly outgoings by arranging a plan to suit you
Contact us now.