Posts

Showing posts with the label Finding the right secured loan

Guide to home improvement loans

Are you keen for extra space for a growing family, or desperate for a different kitchen - but can't afford to up sticks and move house? Maybe it's time to look at making home improvements and upgrading your current living environment to suit your needs? - whether it's adding an extension, or simply giving the bathroom a makeover and making it more practical.  The benefits of home improvements Making the changes you want could not only make you happier, but also possibly raise the value of your home when you come to sell. For example, a good extension or loft conversion that increases the floor-space in your home will tend to increase the value too - but whether this will add more than the cost of the works depends on what the market is like when you come to sell. Or you may opt for improvements such as central heating or double-glazing as general upgrades on your property. Meanwhile, decorating the home can be done reasonably cheaply but still make it a ...

What is a secured loan?

What is a secured loan?  A secured loan, also known as a homeowner loan, uses your home as security against the debt. Secured loans can be useful for those with poor credit ratings, but you must keep up repayments or the lender might make you sell your home to recoup what you owe. Advantages of a secured loan Homeowner, or secured, loans are available for amounts of between about £5,000 and £125,000. This makes them a good choice for anyone keen to borrow a larger amount. The headline interest rates on the top secured loans also start at between 5% and 6%, although the total borrowing cost will often work out higher. Another advantage is that the fixed monthly payments should make your repayment plan easier to manage. Disadvantages of a secured loan The amount you personally can borrow via a homeowner loan will depend on your income, your credit score and your existing credit commitments, as well as the amount of equity available in your property. Even thoug...