Secured Loans
Safe and Secure - Understand More about Secured Loans
Summary: There's an amazing range of loans on offer. Secured, unsecured, home-owners and students - there's something for everyone. Which is right for you?
When it comes to loans, lenders are generally happier to consider granting secured ones. They're available for you to spend on virtually anything you choose and they normally range from £3,000 to £50,000 or more, depending on the lender and other circumstances.
When you take out a secured loan, you provide the lender with some sort of security. This is normally in your property, or the value of your property which you actually own. It doesn't matter if your home is already mortgaged or if you're in the fortunate position of owning it in full. If you already have a mortgage, then the secured loan would be known as a second charge. For example, if your house is valued at £200,000 but there is £150,000 owing to the mortgage company, your equity, or the value that you own would be £50,000. Your secured loan would be based on this.
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insertrssDepending on your reason for considering a loan and the amount you need to borrow, it may be worth thinking about a consolidation loan. If you have outstanding unsecured loans and credit card debts you could use part of a secured loan to settle these debts and the result would be one simple monthly repayment at an improved interest rate and longer repayment period.
APR stands for annual percentage rate. This is the interest which will be charged on your loan. It pays to shop around to find the best rate as there are very wide variations. Carefully check the small print to ensure that there are no hidden charges or conditions. There could, for example, be a penalty to pay if you settle your loan early and however unlikely you think this may be, it's worth checking out.
