Debt Consolidation understand that trying to find a secured loan and understanding every aspect of the loan can often be confusing. We have put together this basic help guide designed for you to get to grips with the basics.
The amount that you will be able to borrow is dependant on a number of factors. The most important factor about how much you can borrow is how much equity you have available in home. Other factors include your employment status and credit history.
To be eligible for a secured loan, you need to be a homeowner. It does not matter if you have a mortgage on your home or even another loan secured against it.
The simple answer here is yes. A secured loan means that it is secured against your home so it is vital that you keep up repayments or else your home will be at risk.
Debt Consolidation can offer you more free advice about this as it is important that you are able to make these monthly payments. Our advisors can offer you the best professional advice, just call our freephone number today on 0808 131 0037.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
DebtConsolidation.co.uk is a trading name of Ask Finance Ltd which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.