Finance Articles From Shakespeare Finance
Handy when you need hefty amounts
Owing a home in UK is not an easy deal. With property prices increasing like anything, it may take over a lifetime to save sufficient money to buy a home. Recent study by a financial website reveals that the average price hike in UK this year will be £200,000. This amounts to an average 9.8 % growth from the previous year. Further, it is speculated that the house prices will increase by 10% at the end of this year. In such circumstances, it seems to be impossible to buy a house or an apartment from one's own pocket.
In such circumstances, people risk pledging their homes as security by availing secured personal loans UK. Trends and stats prove that most borrowers in UK prefer procuring unsecured loans rather than secured loans. Though secured loans are really helpful in getting hefty amounts for a prolonged period of time, people dread them. The borrower's home can be seized by the lender in case the borrowers fail to make the loan repayments.
Before going for secured home loans, one should research the market extensively and compare loans on the basis of APR and other charges like agreement fee, brokerage charge, and early redemption penalty. Some lenders offer home loans with attractive add-ons like repayment holidays, deferred payments etc. Even those with a bad credit history and deteriorated repayment records can avail secured personal loans UK. These loan products, known as bad credit secured loans, have a comparatively higher APR than for those who have good credit scores.
Secured personal loans UK give the lending institution an assurance that even if the borrower fails to repay the loan amount, the lender can sue him in the court and get his money back by selling the residential property at stake. That is why the lender gives loan amount in accordance to the home equity. However, some lenders also provide secured loans up to 100% equity.
Summary: Most borrowers in UK dread taking secured loans because of the risk of repossession of the home at stake, in event of failure of repayment. However, if you have enough equity in your house, you can take a secured personal loan UK to fulfill your major financial requirements.
In such circumstances, people risk pledging their homes as security by availing secured personal loans UK. Trends and stats prove that most borrowers in UK prefer procuring unsecured loans rather than secured loans. Though secured loans are really helpful in getting hefty amounts for a prolonged period of time, people dread them. The borrower's home can be seized by the lender in case the borrowers fail to make the loan repayments.
Before going for secured home loans, one should research the market extensively and compare loans on the basis of APR and other charges like agreement fee, brokerage charge, and early redemption penalty. Some lenders offer home loans with attractive add-ons like repayment holidays, deferred payments etc. Even those with a bad credit history and deteriorated repayment records can avail secured personal loans UK. These loan products, known as bad credit secured loans, have a comparatively higher APR than for those who have good credit scores.
Secured personal loans UK give the lending institution an assurance that even if the borrower fails to repay the loan amount, the lender can sue him in the court and get his money back by selling the residential property at stake. That is why the lender gives loan amount in accordance to the home equity. However, some lenders also provide secured loans up to 100% equity.
Summary: Most borrowers in UK dread taking secured loans because of the risk of repossession of the home at stake, in event of failure of repayment. However, if you have enough equity in your house, you can take a secured personal loan UK to fulfill your major financial requirements.
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Shakespeare Finance Ltd. is authorised and regulated by the Financial Services Authority (FSA No. 441248). The loan products may not be regulated by FSA. The Company is duly registered with: the Data Protection Act, 1998 Reg. No: Z8587566, the Consumer Credit Act, 1974 Licence No. 547864 and FISA Reg. No. 28651810. Copyright © 2004-2008 Shakespeare Finance Ltd. All rights reserved.
