A secured
loan or homeowner loan as it is known, is a loan that requires security
form the person taking out the secured loan.
Secured Loans, are loans which use your property
or other assets as a guarantee against the loan. This means that
if you default on the secured loan, the loan company can use the
value of your assets (e.g your home) to recover the debt.
This also means that the risk to the lender is low, and so choosing
a secured personal loan will usually offer a lower interest rate
to the borrower.
Secured loans can be used for virtually any purpose you can think
of such as debt consolidation, home improvements, holidays etc.
Secured loans are a means for home owners to release the capital
within their property to use for vitually any purpose.
Banks will normally lend a minimum of £3,000 with the maximum
loan amount being dependent on the value of your property and the
size of your existing mortgage.
As a U.K Independent broker we are able to find you secured loan
quotes from £3,000 - £500,000
from a panel of secured loan lenders at NO COST to you.
Secured loans are only available to UK Homeowners.
Typical
example: Borrow £10,000 over 60 months at 9.9% APR
and your monthly repayment would be £209.99 The total amount
payable would be £12,594.60 |
