UK Secured Loans
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When it comes to finance options in the UK, there are a number of loan types on offer, one of which is the secured loan. The secured loan is a type of loan that caters for those looking for finance, and is a loan that is secured against an asset, which is usually the home. Secured loans are therefore available to homeowners, with lenders offering the loan on a secured basis against the property.
There are a number of benefits available to those that decide to take out a secured loan as it can be an affordable way of borrowing for many consumers, as you can often enjoy far lower monthly repayments on this type of loan compared to an unsecured loan. You will find that they are available from a range of reputable UK lenders, but it is important to remember that the interest rates, repayment periods, and other terms and conditions can vary from one lender to another, so it is important to compare a range of secured loans in order to find one that suits your needs and your pocket.
How do secured loans work?
A secured loan is one that is secured against an asset, usually your home, and these loans can often take longer to process that unsecured loans simply because of the additional information required, such as property valuations and proof of home ownership. However, this type of loan is also the most affordable option for many borrowers and there are a number of factors that can determine how much you will end up repaying on a monthly basis.
You will often find that the interest rates charged on secured loans are very competitive, so you can enjoy real value for money, as lenders can afford to offer lower interest rates because the loan is secured against an asset. You will also find that secured loans are available over a longer term, which can help to keep the monthly repayments down because the overall debt is stretched over a lengthy period. In addition to this, you will also find that your borrowing power is likely to be far higher with a secured loan that with an unsecured loan, and most lenders will base the amount that you can borrow on the available equity in your home, which is the market value of your property minus any mortgage or other loans already secured upon it.
Another great thing about secured loans is that they are suitable for those with a bad credit rating. Providing you are a homeowner, you should be able to find a lender that can provide you with a competitive bad credit loan even if you have a tarnished credit rating, whereas you could find it very difficult or even impossible to get an unsecured loan if you have a poor credit history.
Comparing secured loans is easier than ever these days, as you can simply go online and compare the different loans and rates available. You can then make your decision and even your application online, and in many cases you will receive an instant decision in principle on your loan application.
Latest Secured Loan News
- Vorderman gets slated again over promotion of risk loans [10.05.08]
It seems that Carol Vorderman can't do right for doing wrong these days, after being slated once again by financial industry officials over her promotion of risky loans. The Countdown star has been the face of First Plus loans for a number of years now, and over the past couple of years has found herself at the centre of controversy as a result of the financial products that she has promoted.
- Repossessions at highest level for eight years [15.02.08]
According to a recent report repossession levels in the UK have hit their highest level in eight years, fuelled by tight credit conditions, strained household finances, and high interest rates.
- Using your home to get a competitive loan [15.02.08]
With a choice of financial solutions available to those that want to borrow money it is important to consider what your best option is before you make a financial commitment such as a loan.
- Using a secured loan to increase space in your home [24.10.07]
Every year many people in the UK decide to move home for one of a variety of reasons. Some people decide to move because of work location, to be nearer to loved ones, or simply because they want to move to a different area.
- Picture Loans banned from running TV ad [17.10.07]
Picture Loans, a secured UK lender, has been pulled up by the advertising agency over one of its TV ads, after being accused of making taking out finance sound light hearted.