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Secured Lending - a Guide to Releasing the Value in Your
Home
The recent boom in house price values have made some
homeowners more wealth than they could have possibly earned
though working in their jobs, however what use is all that wealth
if you can't get your hands on it until you've sold your house?
The quickest and easiest way to unlock the increased value in
your home is often a secured loan that will allow you to receive
a lump sum upfront without having to move or remortgage your
house.
Why take a secured loan?
Perhaps it's time to take that amazing touring holiday,
perhaps it time to replace the kitchen or even build an extension
to your home, with unsecured lending normally restricted to
amounts less than £25,000 if you need borrow more money then
the best option will be a secured loan. Using a secured loan you
could borrow up to £100,000 to spend at a low rate of
interest because the lender has a second charge on your home.
Securing a loan on your home
Taking a secured loan is different to taking out an unsecured
personal loan in several ways firstly the amount you can borrow
is governed by the amount of equity you have in your home. The
amount of equity is the current value of your house minus any
outstanding mortgages and other loans.
After you have established how much you can borrow, the lender
will make you and offer and undertake a survey on your house
(usually a desk survey not involving an actual visit by a
surveyor). If you progress the lender will then register a second
charge on your home, this then gives them the right to receive
money from the sale of your house should you fail to make
repayments on the loan.
After you have taken out the loan you will then begin repaying
the loan in small monthly payments, because the loan is secured
against your property the loan can be arranged for a longer
period of time and the longer the time you take the loan over the
smaller the monthly payments.
Taking out a secured loan could be the answer to your
dreams.
Rhodri James is the Consumer Finance Manager for
Decision-Finance http://www.decision-finance.co.uk,
a company that specialises in providing customers with on-line
quotes for financial services such as secured
loan and unsecured
loan.
MORE RESOURCES updated Tue. June / 06 / 2023
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