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How Do You Get the Best Secured Loans Rates?

Monday, July 4th, 2022

How Do You Get the Best Secured Loans Rates?

  • Loan-to-value ratio – the more equity you have in your property, the more you should be able to borrow.
  • Your financial position – with a stable income, employment and good credit history, this should allow you to access cheap secured loan rates and maximise the amount you can borrow.
  • Value of your property – if you have a valuable property, this could help you access a large sum and competitive rates
  • Debt-to-income ratio – if you are not overloaded with other financial obligations in terms of credit cards and loans, this will help you get lower rates
  • Beware the advertised APRC – this is only available to 51% of successful customers and your rates may vary depending on factors mentioned above

Product Features

  • Borrow ?1,000 to ?1 million (or higher)
  • Rates from 3.34% APRC
  • Loan terms: 1 to 35 years
  • 50% to 100% LTV available

What Are Types of Secured Loans and What Are They Used For?

Homeowner loans – Most secured loans are taken out by homeowners who are looking to raise money against their property or home. This is usually known as a ‘second charge,’ since it is the second priority against your property after your first charge, which is your mortgage. This can be used to pay off bills, for gifting money to your relatives, debt consolidation or home improvements.

Secured Debt consolidation loans – This allows you to take all your existing financial obligations (such as credit cards, loans, student debt) and put them into one single, more convenient monthly repayment schedule, repaid over 1 to 30 years. You can borrow up to ?25,000 (or higher) and this is secured against your home.

Bridging loans – This is used by homeowners to bridge the gap between the purchase on one property and the next. Perhaps you cannot sell your property, but are keen to purchase another. (more…)