Lots of borrowers are happy with their current mortgage and their current mortgage lender but still need to raise extra funds for things. Some use it for debt consolidation, maybe some home improvements, a luxury item such as a new car or even an investment such as another property. Many will consider using the equity in their home and will naturally think of a remortgage or be advised that this is the best route to go. But this may not always be the best and most cost effective way to raise the extra funds. Below we outline a few of the many situations where a secured loan could be considered a better option to consider.
What if your credit score has reduced since you took your original loan?
If your credit score has reduced since taking out your original mortgage then remortgaging may mean taking all your borrowing to a new lender and potentially a product with a higher interest rate. You will be paying this new interest rate on both the money outstanding on your current mortgage and the additional funds that you have raised. A secured loan means that only the additional borrowing will attract a rate that reflects your current credit score and situation and so can usually be classed as a more cost effective situation.
What if you want to borrow the extra money over a different term than your current mortgage?
If it is your plan to borrow the additional money over a different term than your current mortgage this could prove difficult by remortgaging (though not impossible). However, a secured loan could offer you the flexibility to set the term of the new loan at a shorter period (to attract overall less interest) or longer period of time in accordance with your personal situation and requirements.
A Secured loan is often seen as a far quicker and easier route to raising that extra money from the equity left in your property. A secured loan tends to not have to involve solicitors, costly searches and can now in some cases avoid valuations being carried out on your property (this does vary from lender to lender). They are also found to be easier to understand than a remortgage where a borrower can be asked to choose or be advised to consider different features and interest rates.
Secured loans can have lower set up costs than a remortgage. With remortgages you usually have to pay costs for valuations, conveyance, as well as the product fees such as administrative fees and other associated costs. A secured loan will also avoid redemption penalties that may be charged for leaving your current mortgage lender or product early which in some cases can add up to thousands of pounds.
For these reasons many IFA’S and Mortgages Brokers (and other professionals in the industry) are beginning to take advantage of secured loans by adding these products to their lender panels and the products that they regularly offer their customers. Others have begun to set up business relationships to secured loan providers. They have begun to realise the importance of secured loans in their portfolio of services they can offer. There is certainly a growing acceptance of secured loans as a viable alternative to a new mortgage.
If you would like to look at your own options and to see if a secured loan could be a solution to your own borrowing needs,please contact us via www.nicheloans.co.uk. We will be able to quickly assess your options for a secured loan and what sort of deal you could be eligible for.
How to consolidate debt is a phrase we hear every day. But have you considered trading in the high interest rates that you are being charged on your credit cards with a debt consolidation loan? Often by using the equity in your home as security, you can find that you could qualify for a better deal through a lower interest rate. You will also find that you are able to consolidate debt by selecting terms that best fit your ongoing budget needs. By considering either extending the length of the loan for a lower payment or by shortening the length of the loan to get rid of the debt sooner.
Credit Card Consolidation
The first place to start is to total up your short term debt. These will be things like your credit cards and store cards. Then make a list of the interest rates that you are paying on your cards. You may find yourself surprised how much interest is charged on them each month. The question whether to consolidate debt is then answered by seeing what better deals are out there compared to your current arrangements.
With these numbers in front of you, you now need to find out what type of debt consolidation loan would be best for your own personal circumstances. If you are already on a low rate mortgage, getting a secured loan may be another option. Otherwise, considering a remortgage can often get you a better deal for most of your borrowing.
As well as your credit card consolidation requirements you may also have other secured and unsecured debts. Car loans, loans taken out when you purchased furniture, and other loans taken out at a time when the interest rate was not your primary concern. The same process should be taken with these as you did with the credit cards.
Could you get a better deal by wrapping these up in to a loan secured against your property?
The Warning When You Consolidate Debt
It is vital that you get the best advice when looking to consolidate debt. To know whether it is best advice for you is the number 1 thing to consider.
You should find that by securing debt against your property you will be offered better interest rates. But by taking unsecured debt and putting it against your property has its own issues should you fall behind in your payments.
Also taking debt that could be paid off over a short period of time, if funds permit, and swapping it on to a better rate over a longer period of time, also needs to be discussed.
What to do next
Speak to us at Niche Loans and we will be able to quickly assess what options work for your own situation. Helping people to consolidate debt is something that we have many years of experience in.
Can we first begin by thanking everyone that entered our Christmas Facebook competition? We have been astounded as to how many people entered by liking, sharing and more importantly commenting on our posts.
When we first discussed this in the office we wanted to share in the great 2016 that we have had at Niche Loans. We have helped so many people this year with new homeowner loans, debt consolidation loans, bridging finance and buy to lets and we thought this was a small token to say thank you. We knew there would be interest in the 10 tablets we were offering but not to this extent.
We have had over 5500 new people like our page and thousands of comments made on the Facebook page and to us directly. Absolutely astounding.
So now we have to make the draw for the winners. We have done this as fairly as possible and asked a business contact of ours to randomly select the winners from the long list of people that took part. We are therefore pleased to announce that the winners are:
Fiona Macleay Marshall
Hannah Louise Smith
We are going to do our best to make contact with you all via the page. If you cannot see a message from us (and we are not sure if Facebook allows a page to send these) , and your name is one of the ones above, please send us a direct message via Facebook and we will get some more details from you.
And if you are not one of the lucky ones, please do not be too disappointed. Please look out for us via our Facebook page as we are going to do more of this next year. We have enjoyed it that much.
All that is left for us to say is we wish everyone a fantastic break over the holiday season and hope to continue to be of service to you in to 2017.
In the olden days, you were at the mercy of a pen and paper not a secured loan calculator like today.
Early in the days of the Internet, online secured loan calculators quickly became popular. What you used to do the old fashioned way you could now get in seconds and with many alternatives. Advanced versions today permit you to make complex comparisons of different kinds of secured borrowing and can even help you in decisions of when the time was right.
One of the bonuses is that you can often receive secured loan calculators freely on the internet.
Secured loan calculators are powerful tools because of the speed and accuracy with which they can deliver information.
Time is one of our most precious commodities. Secured loan calculators allow us to use time more effectively because they analyse so many variables of secured borrowing at lightning speed. If you had to spend the time sitting in a broker’s office while they calculated out every alternative possible to get you the best mortgage, then you would be there at least a few hours. What experienced brokers are good at is nurturing relationships to get the best secured borrowing deal.
A secured loan calculator allows you to use the interest rates for any number of lenders. Then it lets you input different variables such as the length of time you want to pay the loan.
There are a variety of secured loan calculators. Some of them are pretty standard and just permit you to determine the monthly mortgage payment for a fixed interest rate. Others are even more powerful. They allow you to do a comparative analysis using the same loan calculator. By using the secured loan calculator together with a home budget calculator, you can quickly get an accurate overview of your financial situation, and whether or not now is the right time.
Secured loan calculators are powerful tools because they put you in control! You make that appointment with your broker confident that you know your financial status and which secured borrowing you need. You also have the satisfaction of knowing you’ve checked out all possible alternatives to find your perfect mortgage.
Contact one of our advisors to talk about your options now http://www.nicheloans.co.uk/second-charge-loans/
Generally the issue of a fast loans comes into play when you have missed monthly payments and perhaps are threatened with mounting bills. The ability for a broker firm to act fast is crucial to your piece of mind particularly if the loans secured.
The number one place to start your hunt for fast loans is on the Internet, where you will find several firms who can not only offer fast loans, but directories who can let you do some comparison shopping for the best deal in fast loans.
Let’s look at one site and see what they ask of you and their turnaround time. The first thing most online fast loan professionals will want to know is how much progress you have made securing the loan on your own. They may ask, for example, if you have tried to refinance with a current lender, and if so have you been turned down.
You will need to let these fast loans experts know if you have been late with mortgage payments or if actually you have missed payments. This is obviously more important as the loans secured.
The fast loans specialists will also need to know how fast they must be – do you need it today, this week, or sometime this month, for example. You also need to explain why you want the fast loan.
Essential pieces of information a fast loans lender will need, besides your name and contact, are the name of your current mortgage lender, the amount of the original loan as well as the current outstanding debt, the rate you are paying for your mortgage, your monthly payment, the original purchase price of the mortgaged property, its current market value, and the amount you wish to borrow now.
The typical fast loans site we chose to peruse also normally includes a mortgage calculator. On this loan calculator, you enter the total amount you need to borrow, the number of years you wish to take to repay the mortgage, the annual interest rate (either what you seek or what you know you can reasonably find), and then all you do is ask the calculator to come up with a monthly payment amount.
You can also use the calculator in reverse, by determining how much you can afford to pay each month on your loans secured. This will then calculate what you comfortably borrow.
Call one of our friendly advisors now http://www.nicheloans.co.uk/second-charge-loans/
Cheap secured loans help a borrower to borrow funds against the home. Homeowner loans are secured loans which are offered to homeowners only. Cheap secured loans will help you cash in the equity in the home. Equity is defined as the difference between the value of the property and mortgages.
You want the cheapest secured loan and deserve the best. So, you need to search for the best online loans. For some of you secured loan which involves low monthly payment is best and for others a homeowner loan which offers flexible repayment option is the best.
Just keep a few considerations in mind and it will become easier for you to get the best online loan. The first thing is to know how much you need to borrow. A borrower can estimate the loan amount required, by calculating the amount of capital required to do everything required. If making home improvements you can predict the expense involved in the home improvement project. Remember that home improvements will not only help in making your home a better place to live but will also increase value of the home. If you are consolidating credit you can work out the potential monthly saving.
If you are through with the first step, the next thing you need to do is to find out what is the amount of equity tied up in your home. This will help you to predict whether you will be able to borrow enough. Online loans can be obtained using a good proportion of the equity.
Make sure to analyse your financial situation thoroughly ensuring that you can afford the monthly payments.
Credit score plays key role in finding a cheap secured loan. grab better rates in the market. A good credit score is always favourable. Homeowners you need not worry if you have a bad credit rating, as you too can obtain a cheap secured loan.
If you are through with the above mentioned steps, now you need to search for the lenders who can offer you homeowner loans. Several lenders can offer you homeowner loan. Traditional lenders such as banks and financial institutions can be approached for the loan. In case, you want to save yourself from all the hassles involved in borrowing from traditional lenders. Then, you can look for the other better alternative, online lenders. The process of applying has been made simple by them. A borrower can access infinite number of online lenders from the same place with just a few clicks. A borrower can apply for a homeowner loans by filling in small online application form. Online loans offer the borrower an instant decision within 24 hours.
A good idea is to use an experienced broker to find a cheap secured loan as they have access to most of the reputable secured loan lender.
There are many ways in which you can do a loan consolidation.
The primary reason for doing a loan consolidation is to reduce your monthly outgoings into one manageable payment. Sometimes multiple payments and the considerable amount of interest being charged makes it a viable option. You need to consider all factors before making such an important decision.
Loan consolidation can mean just credit card consolidation into one manageable payment or can also include other loans. It is important that you consider the total cost of loan consolidation and compare options.
You need to be mindful that credit card consolidation will mean entering into a fixed term loan. This will mean that you have a defined period of when the debt will be repaid.
There are several different ways of obtaining a loan consolidation loan. You maybe able to secure via an unsecured loan or if you are a homeowner you can consider a secured loan on your home. Either route will normally be determined by the credit policy of the lender.
A secured loan will sometimes result in a cheaper rate of interest but will be dependant on your credit profile and ability to repay.
Many customers also consider a loan consolidation together with raising money for home improvements. This can, subject to calculating and comparing the full cost, mean you can do the home improvements which otherwise you may not be able to afford.
One way of ensuring that it is a viable option is to use a loan calculator which are available on some websites. This will simply provide you with a guide of what the payments will be so you can do high level analysis. In order to get an accurate idea you would need to apply and go through the credit process. One such option would be to apply via a broker that has access to a panel of lenders.
Contact our experts at http://www.nicheloans.co.uk/debt-consolidation-loans/
A method of raising capital for home improvements is to use a comparison site to obtain home improvement loan rates. Always try to get the best home improvement loan rates by taking expert advice.
Most loans can be taken out over three years to twenty five years. You can either do this as second charge over your property, a remortgage or an unsecured loan.
Firstly you need to consider whether you would prefer an unsecured or secured loan. There are many factors to consider but importantly your credit profile will play a part. In some cases you may only be able to get a secured home improvement loans with bad credit. Normally home improvement loans with bad credit are available only to homeowners.
Another option is to use a broker. They will have a panel of lenders and can give you an idea of the home improvement loan rates available. Even if your credit file may cause problems many brokers have excellent relationships with lenders and niche products to secure you a deal.
Home improvement loan rates may also be lower if you have more equity in your property. Of course more often than not your planned home improvements will add value depending on what they are. The most common way to spend your home improvement loan would be on a kitchen, bathroom and an extension. All of these will normally add value to your property without the need to rely on house inflation.
Some lenders may require quotations to carry out the works so it’s always best to be prepared. In any case a qualified valuer would need to inspect your home and would benefit from all this information. The more information provided the better and can lead to you getting a better deal.
It is important that you do not commit to spending any of the monies until you have the money. There have been historic situations where customers commit capital for the funds to not materialise. It pays to be meticulous in every part of the process. By doing so you not only get the capital but that you get the best home improvement loan rate.
Contact one of our experts at http://www.nicheloans.co.uk/home-improvement-loans/
How to better understand secured lending so customers can apply for secured loans with confidence. Over the last twenty years the market has exploded with lots of ways to secure a loan.
Secured lending is the same as loans with collateral, using your home as security to raise capital. Each secured loan lender looks at three key elements being security, the ability to repay and track record.
Secured lending can be a first mortgage or a second charge on your house. Due to it being a loan secured it attracts a better rate in most cases. Normally secured loan lenders will not lend above the available equity in your home. The more security on offer normally means an even better rate of interest. Secured lending normally having rates tiered in line with the amount of security.
Secured loan lenders will normally assess all your income and outgoings to ensure you can afford the payments. If you are employed then payslips would be required and if self employed accounts would need to be supplied. The lender would assess your net monthly income and deduct all monthly outgoings. There should be sufficient remaining to meet the new secured lending payment.
Secured loan lenders always do credit checks and look for repayment history. If you have a perfect payment profile then the best secured loan rates are likely to be available. If you have had some bad credit then you will need to explain how this occurred. You may still be able to get a secured bad credit loan providing that the problems have been resolved.
Online secured loans are available to borrow money for any legal purpose. The secured loan lenders want to know what you are using the money for. You would normally detail the purpose on the application form and the lender will ask for more information if required. It is likely when looking to clear off other debt that the lender will want a full breakdown. Some secured loan lenders also pay any creditors off directly.
For more information on secured lending please contact us ans/