Secured Loans – Finding A Suitable Secured Homeowner Loan

If you are a homeowner in the UK you may be eligible to take out a homeowner loan. Secured loans are loans that are secured against your property, which is why they are only available to homeowners. With secured homeowner loans you can enjoy increased borrowing power depending on the level of equity in your home, as well as longer repayment periods, which can help to keep your repayments to a minimum.

There are a number of lenders that offer secured homeowner loans, with many operating online, including high street banks and building societies. It is therefore a simple process to actually browse and compare homeowner loans in order to find one that suits your needs and your pocket.

A number of factors will determine whether you are able to get a secured loan and also how much you can borrow. This includes your equity levels, your income, your financial and employment status, your credit rating, etc.

If you have poor credit you may still be eligible to take out a secured homeowner loan, as the secured nature of the loan means that the lender can afford to take a risk on those with bad credit. However, you may find that the interest rate that you pay is significantly higher than someone with good credit would pay. Again, it is important to compare different bad credit secured homeowner loans in order to find the best rate of interest for someone in your circumstances.

Before you commit to a secured loan you should give careful consideration to whether you can afford it, as there are pitfalls to consider. If you cannot keep up with repayments on your secured loan you could face losing your home, so do ensure that you are able to afford the repayments.

When looking for a suitable secured homeowner loan you should make sure that you compare the different loans on offer from a range of companies. The interest rates, terms and conditions, and repayment periods can vary from lender to lender, so you need to make sure that you take the time to compare what’s on offer before you make your decision. You can do this with ease and convenience using the Internet, where you can browse and compare from the comfort of your own home.

Alternatively, you may wish to use a broker in order to find the most suitable loan, and there are a number of good specialist brokers to choose from. This will save you the hassle of having to go through each lender’s website and make separate applications – instead you can just make one application, which the broker can then use to find you the most suitable and affordable loan for your needs.

Again, you can use the Internet to find a suitable broker, and you will find that these brokers have access to a wide range of secured lenders that may be able to offer you a good deal on your secured homeowner loan.

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Different Types of UK Loans

The variety of loans available on the market in the UK these days means that many of us should have no problems finding the right loan for our needs, although those with poor credit may face more difficulty. In the current financial climate getting a loan can prove a little more difficult because credit conditions have tightened as a result of the credit crunch, but if you do your research you should be able to find a choice of loans from a variety of lenders, enabling you to find the right one to suit your needs, circumstances, and budget.

Below you will find a description of some of the most popular loan types:

Secured loans are loans that are available to homeowners, and these loans are secured against the home. Secured loans are often available to those with bad credit as well as those with good credit, and in order to qualify for one of these loans you need to be a homeowner ideally with some level of equity in your property. Secured loans offer greater borrowing power depending on your equity levels, as well as longer repayment period enabling you to reduce your monthly outgoings. It is important to keep up with monthly repayments on a secured loan otherwise you could risk losing your home.

Unsecured loans are available to both homeowners and non-homeowners, but you will generally need good credit to get one of these loans. These loans are not secured against any asset, and are based on contract and trust. The borrowing levels are not as high as with secured loans, and repayment periods are shorter.

Consolidation loans are designed to reduce monthly outgoings and reduce the number of debts that borrowers have to deal with. These loans are available on a secured or an unsecured basis, and are used to pay off smaller, higher interest debts, leaving the borrower with just one lower interest loan to repay rather than a range of higher interest debts.

Payday loans are short term loans that are usually offered for a one month period. These loans do not usually involve a credit check, but are subject to proof of employment and income. These are short term loans offered to tide you over until payday, and are ideal for emergencies where you need to raise cash until payday comes around. By way of interest you will be charged a set amount per £100 borrowed, and borrowing levels are low – usually up to around £1000 subject to income and eligibility.

Car loans are loans designed to finance the purchase of a car, and these loans can often work out cheaper than taking finance from a dealership. Some lenders offer additional perks with car loans, such as free HPI checks and reductions on breakdown cover or insurance.

These are just a few of the different types of loans available these days. No matter which type of loan you decide to go for you should make sure that you compare the market in order to find the best deal and the most competitive rate of interest.