The Facts about Getting a Home Equity 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 Adam Brand.

Operations Director

A home equity loan, also known as a secured loan in the UK, is an effective way to meet your long-term financing needs by using your house as collateral. People all over Great Britain use this type of financing to cover expenses their monthly budget will not allow for. Some use the cash to consolidate their high interest debts; others might use it to pay for home renovations or help defray the costs of sending the kids to university. At any rate, a secured loan lets you borrow substantial amounts of money based on the equity in your home.

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There are many lenders out there promising fast cash on low-cost loans. However, be aware that not every lender delivers what it promises. As with any type of consumer product, some loans are better than others are. It pays to take your time researching and comparing lenders and loan offers.

To help get you started, here are five facts you need to know about a home equity loan:

1. Your Home Is Security

Lenders grant these loans based on borrowers offering their homes as collateral. When you borrow, the lender will place a second charge on your property. A second charge is a legal instrument allowing for the repossession and sale of your house in the event you default. While such repossessions are rare, it is something you need to consider before borrowing money. Make sure you have the means to follow through on your repayments so that you do not put your home at risk.

2. Representative APRs Not Guaranteed

The law requires lenders to advertise representative APRs in order to help consumers understand the total cost of borrowing. However, not every application has to be approved at the advertised rate. Banks need only approve 51% of the applications in order to meet legal requirements. You could still pay more than the representative APR advertised by a bank.

3. Bad Credit Okay

One of the least talked about benefits of the home equity loan is the fact that you can still obtain funding even with bad credit. As previously mentioned, lenders are more willing to loan money because you are offering your home as collateral. This reduces their risk and opens their vaults. Having said that, bad credit will usually result in less favourable terms and a higher interest rate. However, that is a small price to pay if your credit prevents you from obtaining other sorts of financing.

4. Multiple Applications Can Hurt Your Credit

Every time you apply for secured loan, the lender will run a credit search on you. That credit search goes on your official record and counts against your credit score, so multiple searches in a short period will negatively affect you. What does this mean? It means that you should apply with a single lender to start with. If you are rejected, do not immediately apply with a second lender. Instead, check your credit history to see if something is amiss. This allows you to correct any problems before applying the second time.

5. You Can Borrow up to Your Total Equity

Another great benefit of a secured loan is that it allows you to borrow money up to the limit of your equity. If you have £50,000 equity in your home, you should be able to borrow that much with good credit and a proper loan-to-value ratio from the lender. The equity in your home unlocks the potential for borrowing tens of thousands of pounds for whatever purpose you deem necessary.

If you own property, you own an asset that could open the door to substantial funding to cover nearly any need. Why not put your home to work for you? Secured Loan Experts urges you to look into an equity home loan to finance property renovations, consolidate high interest debt, or cover other expenses your monthly budget will not cover.

If you would like some free professional help and advice on obtaining the best home equity loan just call our friendly team of experts today. They will help you source, compare and select from the best possible deals available from our whole of market panel of top high street and specialist lenders. When you have chosen the most suitable deal our experts will create and submit an optimised application on your behalf ensuring that your case is presented to the lender in the best possible manner and liaise with the lenders underwriters to maximise the chances of your application approval.

We don’t work for the lender and our only concern is to make sure you get the best deal to suit your individual requirements.

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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