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Arranging the best loan deal

Summary: Everyone wants the best deal when it comes to arranging a loan. Check out what's available, then double check the details and make sure the one you get is the right one for you.

From borrowing enough money to see you through a temporary period of hardship through to one that will enable you to do transform your life, there are loans to suit everyone.

If you're thinking of borrowing £5,000 or more and own your own home, then a secured loan is probably going to be the right thing for you. This is a type of loan which is secured by some type of asset, usually your home, which is why it's often referred to as a homeowner's loan. One of the advantages over an unsecured type of loan is that the monthly repayments are more affordable and the repayment period is very much longer than with any other type of loan, apart from a traditional mortgage. One of the disadvantages is that your home is at risk if you're unable to keep up the repayments.

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Depending on your personal circumstances and credit history, you should find a choice of lenders more than willing to help you. There's a lot of competition in the loan market at present and competition leads to good deals. The amount you can borrow will depend on the equity you hold in your home. This is the market value of your home at today's prices, less any money outstanding on mortgages or secured loans. This means that if you were offered a loan of 75%, this would be 75% of the equity value, not the value of the property.

You can arrange to repay the loan over a number of years, normally from 5 to 25. If you're after a substantial loan, then it may be as well to think about extending your mortgage, but always check the overall figures.

More about tracking down the best loans
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required. Think carefully before securing other debts to your home.