The Real Benefits of a Debt Consolidation Secured Loan

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Secured Loan Expert is a trading name of First Union Mortgages Limited one of the largest and most trusted finance brokers in the UK.

We specialise in finding the best loans for our clients from probably the biggest selection of loan deals in the UK with over 950 different deals available at any one time. We will match your requirements with all the deals on offer, ensure that you are aware of all the costs of each individual loan before you chose to apply. We will make the application on your behalf ensuring that your case is seen by the lender in the most favourable light.

Our experts are there to ensure you get the best deal and what’s more our help and advice is free so why not take advantage of our expertise.

A homeowner loan is a personal loan taken out against the equity in your property. Also known as secured loans, these are offered in exchange for you offering your home as collateral. Securing the loan with your home enables you to borrow substantial amounts of money for long periods. Moreover, because the lender puts a charge on your home as security, it offers very good interest rates and manageable terms.

Currently you can borrow up to the maximum limit of 95% of the equity in your home.

- You can obtain a homeowner loan by first comparing the deals in our simple comparison engine and choosing the deal that suits you most. Pay attention to the minimum and maximum loan amounts offered by each deal, as this will play a role in your decision making. When you have found the most suitable loan offer just contact our friendly team of experts who will answer all of your questions, help you with your application, get pre approval from the lender, and if required arrange for a valuation of your home whilst keeping you up to date throughout the approval process until completion.

It is still possible to get a secured loan when you are self-employed. This will be dependent on your personal circumstances and each lenders’ criteria. Our team can advise you as to the exact requirements when you call us.

At Secured Loan Expert all types of credit history are considered. The decision to lend is subject to individual lender criteria and your personal circumstances. Our expert team can provide you with more information if this is the case.

No. The only note on your credit file that will exist when you make an initial enquiry will be a Quotation Search which will only be visible to you and not by other searchers.

When you make a full application then a full search will be undertaken which will show up on your file at that stage. This will be visible to other lenders.

While this process is a lot shorter than a mortgage or re-mortgage application, the exact length of time from application to you receiving the funds depends on the amount of the loan required, the loan amount to the asset value, the lender chosen and your individual circumstances.

Once the loan is approved by the lender, they will transfer the money to you typically within 48 hours if electronic transfer is the payment method.

There are no upfront fees to pay.

All fees and charges that you have to pay to take out a loan will be fully detailed to you before you make any decision to go ahead.

If you have any questions at this point just call our friendly team who will be happy to help you understand what fees may be charged.

By Melinda (Milli) Haine.

Loan Underwriter

All of us want to find ourselves in the most favourable financial position possible. Yet that sort of thing does not happen by itself. It requires diligence to properly manage finances, including managing debt. One of the best tools we know of for that purpose is the debt consolidation secured loan. This kind of loan lets you use the equity in your home to finance other things.

Though there are some risks involved with using a secured loan to consolidate debt, the benefits outweigh the risks for most people. You should do fairly well with a secured loan as long as your budget shows you can afford monthly payments. However, make sure that is the case. You could lose your home if you default on a secured loan.

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Five benefits of Secured Loans

Secured Loan Expert encourages the use of secured loans for debt consolidation. We believe a secured loan offers many benefits over the other options. Secured loans are more affordable and easier to get than other forms of consumer financing, and they can certainly cost less in the long-term compared to high-interest unsecured debt.

To prove our point, here are the five primary benefits of secured consolidation loans:

  1. Single Payments – Most people who consolidate by using a secured loan spend the money to pay off two, three, or more existing debts. By combining all of those debts into a single loan, you are left with one monthly payment that is much easier to work into your regular budget.
  1. Lower Interest – Unless a consumer's credit is extremely poor, secured loans typically offer better interest rates. When combined with shorter terms, this actually ends up saving money over the life of the loan. Less interest paid means a lower total cost of borrowing.
  1. Easy Terms – If your budget is already stressed, accepting a longer repayment term will reduce the size of monthly payments. This makes repaying your loan a lot easier if you are already overwhelmed by high-interest debt. One word of advice, though – it is best to find a secured loan that does not include early repayment penalties. This allows you to pay more per month should your financial circumstances improve.
  1. Improved Credit – A heavy load of unsecured debt could be negatively affecting your credit rating. If so, a secured loan is one way to begin repairing that poor credit. As long as you make your monthly payments as agreed, your credit rating will slowly improve over the life of your loan.
  1. Equity – A secured loan is taken out based on the equity in your home. You are essentially using your equity as a financing tool to provide the funding you need. It is a great way to take advantage of the value you have already built into your home by making your monthly mortgage payments and maintaining the property.

Be Cautious and Compare

The potential of the secured loan makes this form of consumer financing very powerful. However, please be cautious. Use the Secured Loan Expert website to compare lenders and loan products side-by-side. Only by comparing loan products will you know which lenders are offering the best deals. Follow-up those comparisons by getting our experts to provide the full loan details from each lender you are considering applying with and to use their knowledge of each lender to your advantage.

We also strongly urge consumers to prepare a monthly budget if one is not already in place. A budget details your income and outlays, on a monthly basis. This is the only way to know for sure that you can afford to take on another loan. If you cannot afford it, obtaining a secured loan could get you into more trouble than you are in right now.

We recommend a debt consolidation secured loan to any homeowner currently struggling with a large amount of high-interest debt. Secured loans can help you get your finances under control while making your monthly budget more manageable.

Call Us For FREE Expert Advice and the Latest Rates.

We source the best rates from the whole market

  • Borrow up to £2,500,000 Depending on the Equity in Your House.
  • Adjustable Repayment Terms from 3 to 30 years.
  • Secured Loans Can Be Used for Almost any Purpose.
  • Low Interest Rates.
  • Rapid Approval - Low Arrangement Fees.
  • Options for Homeowners with Bad Credit History.
We Will Find You the Best Secured Loan to Suit Your Individual Needs.

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