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Evaluate your financial situation to see if a secured loan could help

With house prices having rocketed once again over the past year, many UK homeowners have found themselves sitting on a tidy sum in terms of equity.

Those that purchased their properties years ago and for a low price have seen the value of their properties skyrocket, and the difference between the amount that they owe on their outstanding mortgage compared to the actual market value of the property is now huge in many cases. This leaves the average homeowner with a tidy nest egg in terms of equity.

At the same time, with levels of consumer debt spiralling out of control in the UK according to a number of experts, many of these homeowners are also dealing with a wide range of unsecured debt, such as store cards, credit cards, personal loans, catalogues, car loans, and more. This can make it difficult to manage finances, can cost a fortune in interest payments, and can leave borrowers struggling each month when it comes to disposable income.

With the rise in house prices, many homeowners could enjoy the benefits of easing their debt problems by taking advantage of some great deals on homeowner loans, which are granted based upon equity in the home. With homeowners enjoying high levels of equity in many cases, this could means the ability to wrap up expensive credit and make financial management easier through releasing valuable funds that are tied up in the home without the need to sell up in order to release some of the equity.

There are some very good deals available on secured loans, and borrowers are urged to compare the different deal on offer to find a homeowner loan that offers a good interest rate as well as a choice of repayment periods.

Tom Smith
3rd February 2007


More Information:

  • Your Home as Collateral For Other Loans
    When you become a home owner you immediately open up more doors for yourself in terms of being able to borrow money to make things happen. It might be a business idea or an investment opportunity, but buying into property can open more doors than you might think.
  • Home improvements - be careful where you borrow!
    How have Britons financed the billion of pounds spent on home improvements this year? Mostly through personal loans, although other forms of payments have been used as well.
  • Home Equity Line of Credit
    For those with good credit, a mortgage in decent standing, and a relatively (depending on the bank's definition) sizeable difference between a home's worth and the balance of a mortgage, a home equity line of credit may be a good option for those needing a loan



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