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A secured loan may be the answer to your financial
situation. It is a fast and effective way of raising funds. You must be
a homeowner and have an income (in some cases you don’t even have to
prove your income). You may only have a small amount of equity in your
property, but some secure loan companies will lend up to 135% of the
value of your property. If you have an impaired credit history you will
still be considered by some lenders.
Over the
past 12 months some aspects of secured loans have changed, one of the
fundamental changes has been to 'redemption penalties'. The government
has passed legislation to the effect that any secure loan provider can
now only charge you one months' interest if you want to redeem or repay
your loan in full, as long as the original loan was below £25,000.00.
This is great news for people that need short-term
funds to see them through the discounted or fixed term of their mortgage
(tie-in period) and then they can consolidate the whole amount in to the
main mortgage, only paying one months' interest to redeem it.
Abbey Mortgages will assess your needs and make
recommendations as to which loan company will be best for you. We use
the top eight providers from which we make our recommendation. |
