I’ve recently changed job and i got a fair bit of capital back from a shares scheme so that got me thinking about getting a house.
I still don’t have a huge deposit but i soon will.
How long do i wait before i get one i wonder?
After speaking to many friends and reading many newpaper articles it seems the magical time is in 10 months. Hmm, well i guess we’ll see on that one. That last thing i want to do is get a mortgage and then be trapped in negative equity 6 months later.
I guess thats the risk you take. I’ll be able to get Homeowner Loans at last i guess.
Derek
I had a friend, lets call him Mr R, who’s being working through getting a secured loan for months now so i thought i’d explain some of the stage this went through to take some of the fear and mystery out of the whole process.
Now some lenders claim to ‘have the money in your bank account in 24 house’ – now i’m sure this happens when someone has a glowing credit rating, meets all of their criteria exactly and has nice simple easy-to-understand finances. The reality is: This isn’t usually the case.
Mr R filled out a brief form (at Homeowner Loans as it happens) and a friendly member of staff called him back to get some more details.
Since he didn’t have a perfect credit rating he only had a couple of options but there were still options. Then he was given quotes on these lenders (amount per month, total amount payable, duration etc).
One of these seemed suitable so the next step was to get a valuation of his property. This was done to see how much the lenders would be able to lend him. Usually most reputable lenders will lender you up to 70-80% of the value of the house. Now it not as simple as “oh i have a £100,000 house so i can borrow a secured loan amount of £70-80,000″ since it depends how much mortgage you have outstanding.
The friend in question had £40,000 or so left on his house and some unsecured debt he wanted to consolidate. This meant that despite his house being worth £125,000 he could only borrow £30,000 (which was fine in his case). By this time another valuation we required and another cool-off period was required (a 7 day period that the lender must not contact the client).
This whole process took nearly 3 months but my friend was happy with the result and he didn’t feel pushed into anything.
Hopefully that removes some of the mystery for some of you
If you are not careful When you apply for secured loan quotes online there is definitely a risk you could unknowingly damage your credit rating. Even worse, if you do not find the best quote with the low APR, you could lose a lot of money. Here are some top tips quick for applying for a secured loan that will save you time and a lot of money.
Secured Loans for Homeowners – Finding the Best Rate
Being approved for a secured homeowner loan has never been easier. UK secured home owner loans have become very popular and are available from hundreds of different UK lenders. Using a broker is often the easiest and quickest way to do this. With so many different lenders vying for your business there are plenty of good options around.
Secured or Unsecured, which is the Cheapest?
Generally when someone is looking for a UK cheap loan what they are after is the lowest interest rate. Of course everyone wants a great deal and one that makes the most financial sense. By doing a thorough comparison of cheap loans being offered, it is possible to find a great APR in the UK market. Since a secured loan is secured against your assets then a lender is usually able to offer a lower interest rate since the risk to them is less.
UK Secured Loan Approval – Fast and Easy
secured loan approval for people in the UK can be very quick these days thanks to the instant access of free online loan comparison websites available today. These sites are designed to match your specific lending criteria and will instantly compare hundreds of UK loans. One common mistake that can prevent getting fast secured loan approval is to apply and be refused for a loan resulting in a strike against your credit file. Let us review how to avoid this bad mistake.
Applying for a Secured Loan Online
Using the internet to apply for a secured loan is a quick and easy way to obtain a UK loan quote. Usually the goal of applying online is to find the lowest rate without having to fill in endless forms. It can potentially harm your credit score to apply to lots of different places. There is a safer way to apply for a secured loan online that instantly compares hundreds of loan
option with a quick and easy form that does not require an initial credit check.
Secured Loan Adverse Credit – The Risks
In the past if someone had bad/adverse credit it was highly unlikely that they would be accepted for a loan of any kind. These days, having a less than perfect credit rating no longer excludes UK homeowners from being able to get a loan. If you have adverse credit, the problem now is not paying a premium APR just to get the loan. The biggest challenge that most people find when their credit is less than perfect is being offered loans at outrageous
interest rates.
UK Secured Loans – How to Avoid Unknowingly Damaging Your Credit File
There are many online options to apply for a UK secured loan. For someone looking to find the cheapest and best secured loan for their needs, it can be confusing and difficult to know where to start. Of course when seeking the best deal possible, most people want to do some research before making a final decision. Unfortunately if you are not careful, it is easy to unknowingly damage your credit file while looking for the best loan quote.
Secured Loan Vs Unsecured, which to choose?
As there are so many different lending options available in the UK market, it can be tough to choose which kind of loan is best for you. Choosing the right option for your situation will depend on a number of factors including; your credit rating, the amount you would like to borrow, and the term you need for the loan.
Derek Hosewood writes for Loan Machine a leading providing of Homeowner Loans
