It seems like secured borrowing is still a viable option for many UK homeowners as people look to take advantage of the increasing equity in their properties to borrow money secured on their property over longer and longer repayment terms.
It's sometimes not easy to switch mortgages there are terms and conditions, fees and redemption penalties to consider. Bearing this in mind people looking to raise finance often consider a secured loan to do this.
More and more people looking to clear credit cards and unsecured loans are applying for secured loans to raise enough finance to do this, releasing the equity in their property. People do this in order to leave a more affordable monthly payment in place on a secured loan. The alternative is many credit payments to multiple lenders across possibly a few credit cards and/or a few unsecured loans. People find this situation stressful and unmanageable.
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Of course people can choose to raise finance in order to make home improvements and this might increase the value of their property, over time.
With a mortgage you're more than likely going to have to pay some sort of upfront fee. With a secured loan this isn't the case; there may be a fee payable on completion but these are usually included within the loan so you won't have to find additional cash upfront. So secured loans are a quick and easy solution for people looking to raise finance quickly, as long as they can afford the repayments of course!
The main rule to follow when looking for a secured loan is to make the highest repayments you can afford in order to make the loan term as short as possible. This may save you money in terms of reduced interest payments.
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