Secured Loan Quotes
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Secured Loan Quotes
Secured Loans exist in the marketplace today in order to give borrowers a greater selection of choice when it comes to raising finance. Homeowners will tend to have a larger number of options when it comes to capital raising, as opposed to non-homeowners, as it might be possible for many to unlock the available equity within their homes.
In today’s housing market with property prices ever rising, the likelihood is quite high that you will have at your disposal, a significant amount of equity stored within your home. Calculating the amount of equity present within your property is a simple equation; simply subtract the amount that you owe on your mortgage and any subsequent charges, from the estimated market value of your property. – This figure is however likely to change; go up or down following an independent valuation.
In many instances, arranging a secured loan to raise finance will be most appealing to those homeowners who are tied in with their present mortgage deal – It is often the case that when a borrower has a fixed rate, discounted or capped rate; moving the mortgage before the tie-in period could result in hefty early repayment charges – In some cases this could be as high as 6% of the outstanding mortgage balance!
Remortgaging has long been viewed as one of the most popular methods of raising finance – this is largely due to the relatively low rates of interest achievable on a first mortgage – There are times however when this option could prove to be a false economy in the long term if it means paying out more in fees and charges. In this case each application must be dealt with on an individual basis in order to ascertain the best course of action.
Another very important consideration when weighing up your decision is the speed in which the chosen type of finance can be arranged – Secured loans can offer a very quick solution to your finance requirements and will usually complete in a much faster timeframe than that of a remortgage. In a compliance context also, the time in which a loan application takes to complete is a very important consideration for many borrowers.
If you have experienced credit difficulties in the past then you may discover that obtaining credit of any nature can be troublesome via the conventional channels. Secured finance can offer a more accessible financial solution in this case as the lender will have security over your property in the event of a loan default – you may also find that the interest rates achievable are far more attractive than that of a comparable unsecured loan.
Of course, if you are not looking to secure a loan against your home then the chances are that a secured loan is not going to be the right choice for you. Often described as second charges, a secured loan will be registered as a legal charge over your property, immediately following that of your first mortgage in most cases. It is important to bear in mind that when arranging a secured loan, there will not usually be any upfront fees required, neither will there be house valuation or legal fees associated – A finance broker may charge you a small fee on completion however this is only designed to cover the processing and administration function. Secured loan sizes are made available from £5,000 to £100,000 and repayments may be spread over 5 years all the way up to 30 years.