What you need to know about secured loans
Video transcriptA secured loan is one that homeowners and mortgage payers can take out against their property and First Choice Finance can help you to find one most suitable one for your circumstances from their selection.
The Bank of England Credit Conditions Survey for the first quarter of 2013 shows that lenders have been more willing to lend people these kinds of loans over the past nine months and that trend seems set to continue over the next three months at least.
Many homeowners decide to opt for a secured loan when they need more money than they may be able to get through unsecured borrowing and if you come to First Choice Finance, we could help you gain access to funds worth up to £100,000.
Or if they want to spread the payments over a longer period, with secured loans repayment terms vary from just 3 to 25 years.
This money could go on whatever you see fit, so if you feel as though your home would benefit from having a conservatory or orangery added to it, you could spend the money on the home improvements that will not only enhance your home enjoyment, but also possibly increase any future sale price.
On the other hand, you may need the secured loan money to pay for previous unsecured debts – things like credit cards and smaller personal loans.
Your homeowner loan would be used to settle these and leave you with a single repayment to make each month as a result.
Not only would this be easier to manage, but it should also see you pay back less money each month, easing your cash flow.
Be aware though that because your secured loan would be for a longer period, you may end up paying back more interest by the time it's paid off.
Find out more about how First Choice Finance can arrange a suitable secured loan for your personal circumstances by visiting firstchoicefinance.co.uk and filling in the short form, alternatively have a chat with us on 0333 003 1505 from a mobile or 0800 298 3000 from a landline.