Loans & Remortgages
We can often source very competitive rates on secured
loans & remortgages, and always look at your situation
as a whole to find out whether a remortgage or secured
loans is the best route.
Need an immediate solution? Call
us for advice NOW!
Speak to a real person 24 hours a
day. We'll pay you £200 if we cannot help!*
Sometimes, further credit is exactly the wrong
solution, so we spend a great deal of time working
through your current commitments, and matching them with
what you think your credit needs are going to be over
the long term before recommending a solution.
What is the difference between Secured Loan & A
Remortgage?
A secured loan is a loan that uses your property
(usually your home) as collateral that the lender can
possess if you do not keep up the repayments. This means
that a lower interest rate is often offered, and the
lender is more relaxed about credit history, as they
have something to seize & resell if you default (stop
paying the payments). A secured loan is often for much
less than the mortgage and the combined balances of the
mortgage & secured loan rarely exceed the value of the
house.
A remortgage is like a larger secured loan, but often
has a smaller APR (interest rate), meaning that monthly
payments are often less than an equivalent secured loan,
however as the mortgage is often over a much longer term,
then the amount repaid can be vastly different.
Typically, remortgages allow a higher loan to value
amount (see glossary).
Which is better for me?
It depends on your situation. A secured loan is often
over a shorter period of time, and so if you have a debt
reduction plan that works over, say, 5 years, then a
secured loan might be a better choice. However, if you
just want reduce monthly outgoings, then a
remortgage might be better.
Do I qualify for one?
Unless you are bankrupt, or already in an I.V.A.,
then we can usually source a mortgage for you. Call us,
not matter what your credit or income status is.
What happens if I cannot afford to repay the loan?
In most cases, unless you can organise an arrears
agreement, if you stop paying the repayments, your
lender will seek repossession. We spend a great deal of
time ensuring the future affordability of your solutions
to avoid this happening..
What is the process?
Very simply, the process is as follows
- Firstly, we meet with you to
ascertain your timescales, financial needs & future
affordability of the loan
- Then your personal broker will
submit your application to your preferred lender and
receive a Decision in Principle (DIP)
- Once a valuation has taken place,
then the new loan is usually drawn down within 21
days.
I want to do it. How do I start?
OK. First thing is to call
us and we will send an advisor round to talk you
through the whole process. Meanwhile, please request a 'Redemption Figure'
from your mortgage company, and any other lenders
who have a 'charge' on your home (i.e. companies you
have borrowed money from which has been secured on the
house). This will take between 5 to 10 working days, so
it is best to do it now regardless of what you
ultimately decide (do check whether there is a fee
involved in generating the redemption figure). You do
not need to wait for the redemption figure to come
through before calling us for an appointment. During the
process, you may speak to your
advisor as many times as you want. If
you have any initial questions, please check our FAQ's.
What would you like to do now? Choose from the
following list.
Remember - we never charge you a fee
- we make our money from your successful solution.
*We will pay you £200 in cash
if can't provide you with a viable solution within 30
days.
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