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Are You Looking For The Best Secured Loans Deal?
Let over 200 Top UK lenders compete against each other to give you the lowest rate secured loan available. Fill out the form below to see if you can get a better deal.
Our service is completely free, you pay nothing and there is no obligation. See how much you can save! |
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NO PAYMENTS for the first 5 months on many loans! |
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You can borrow up to £100,000. |
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Spread your payments out and make them more affordable. Repayment periods from 3-30 years. |
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Arrears, CCJ's or bad credit? No problem - All Accepted. |
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Borrow up to 100% of your home's value. |
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When you are employing a trusted broker, or taking advice from a debt counsellor, they can offer a number of different options for you. Secured loans (as opposed to one that is unsecured) are underwritten by the equity in your home. The extra security this adds to the lender works out for you because you receive a lower interest rate than on an unsecured loan.
Before you reach the stage of a secured loan agreement, however, you need to fulfil certain criteria. The main one, as suggested above, is that you own your home. You do not have to possess the property outright - you may well have a mortgage - but you must also have equity, which is the value of the home after the deduction of the outstanding debt.
This is why a valuation of the worth of your home is generally a part of the secured loan application. The lender needs to know that there is enough money in your property, once it is sold and the mortgage is settled, to cover the amount of the loan plus interest and charges.
Assuming this is the case, you must be sure that your income allows you to meet the monthly repayments for the amount you propose to borrow. If you have any doubts, it would be foolish to proceed.
The next thing to ask is why have you chosen a secured loan? Why not take the unsecured option?
The reasons may be various.
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A secured loan has a lower APR.
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You can borrow more money with a secured loan.
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The payment period is longer.
- There are opportunities for payment holidays and other areas of flexibility.
You may also have been refused an unsecured loan. In this event, a lender may still offer you a secured alternative because it is backed by equity.
The decision is therefore yours. And don’t forget: since secured loans can take a little while to arrange, there’s no harm in adding a day or two to the process by searching for the best loan that matches exactly what you want.
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