Home Loans UK – The Secret to Getting Low Cost Finance!

Michelle Tuvey Michelle Tuvey | Loan Underwriter

Does it seem as if your friends and neighbours always have the cash needed to cover long-term financing? Do you constantly find yourself wondering what their secret is? Well, it's no secret if you own a home. You can get fast cash to cover nearly any financing need by applying for secured home loans. UK consumers, just as you, can take advantage of the equity in their homes to secure large-scale financing.

image one

A secured home loan is different from other sorts of consumer financing in a number of ways. First, unlike unsecured personal loans and credit cards, the interest rates on secured loans tend to be lower because you are using your house as collateral. Second, targeted loans for cars and other expenses are limited in terms of what you can do with the money. A secured loan can be used for nearly anything. You can use your cash to:

  • fund the start-up of a new business
  • fund home repairs or renovations
  • consolidate your high interest debts
  • help defray the costs of a university education.

The secret to getting fast cash is to take advantage of the equity in your home to borrow as much money as you need. You can do so whether you have good credit, bad credit or something in between. It starts by comparing multiple lenders and loan products using a reputable comparison site.

Good Credit

The best position to be in for this sort of secured lending is one of good credit with a long history. Obviously, lenders like to see responsible borrowers even though those borrowers are putting their homes up as collateral. If you have good credit, you will get the lowest interest rates and best terms the lender has to offer. You will also have a bit more negotiating power when it comes time to accept a loan offer.

Even if you do not need fast cash now, establishing and maintaining good credit will help you in the future. Maintaining your good credit now will make it easier should you ever need to take out a secured loan for any purpose. So pay your bills, do not over extend yourself, and do not use credit unnecessarily.

Bad Credit

Yes, you can still get a secured loan even if you have bad credit. That is one of the main benefits of securing a loan with the equity in your house. You should still be able to borrow up to the limit of your equity, though a lender's loan-to-value ratio may reduce the amount in some cases. The only concern with bad credit is the fact that you are not going to get as good an interest rate or the favourable terms someone with good credit might be offered.

Having said that, a secured loan is a very effective way to help re-establish good credit. By taking a loan against your house and being faithful to your financial commitments, you could see a substantial improvement in your credit rating in just a few years. At least that improvement makes up for the higher interest rates and less favourable terms.

People with credit somewhere in between are subject to a mixed bag of interest rates and loan terms. What you will be offered really depends on the lenders you work with. At the end of the day though, you should not have any trouble obtaining a secured loan as long as you have decent equity to work with.

The secret to low-cost fast cash is access to secured home loans. UK consumers with equity in their properties can leverage that equity as a financing tool for nearly any purpose. Secured Loan Expert invites you to compare multiple lenders and loan products to see just how much you are eligible to borrow. You might be surprised by want your equity is worth in terms of real cash.

If you need help in finding the best deals available for your individual needs just call our friendly experts for free professional advice today.

Instantly compare 950+ of the UK's best secured loans

Rates from as low as 3.75%