Everything You Should Know About Getting a House 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

A house loan secured by the equity in your property offers you the opportunity to borrow quite a bit of money over a flexible repayment term. In fact, Secured Loan Expert believes there are not many other types of consumer finance offering as many benefits as a secured house loan. However, as with any kind of financing, there are certain things you need to know before you agree to accept a loan offer.

The main things you need to know are:

  • how home loans are secured
  • the risks involved with these loans
  • how much it costs to borrow
  • how to find the best possible deal.

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How Loans Are Secured

A house loan is secured by offering your home as collateral. When you accept a secured loan offer, you are agreeing to allow the lender to put a charge on your house. Should you default, the lender could repossess the house and sell it in order to recover what you borrowed. In the event the sale does not satisfy both the mortgage and your secured loan, you will still be liable for the balance. The possibility of repossession is the main risk that comes with a secured loan.

In terms of how much you can borrow, it depends on your credit history and the equity in your property. Your total equity will be the maximum amount you will be allowed to borrow regardless of how good your credit is. Your borrowing limit might be lower depending on your credit history and the loan-to-value ratio established by your lender.

Borrowing Costs

The amount of money you repay on a secured loan is more than just a combination of principal and interest. There are other fees and charges involved. Lenders include these additional expenses under what is known as the ‘total cost of borrowing’. For example, the lender may charge you for a home appraisal before giving you any money. Of course, there will also be administrative fees, filing fees, and so on.

Borrowing costs can add significantly to the total amount you repay over the life of a loan. Therefore, it behoves you to ask about all of these costs before you accept an offer. Go for a loan that gives you the lowest interest rate and the fewest additional costs.

Finding the Best Possible Deal

Shopping for a house loan is a lot like shopping for car insurance. You find the best deal by comparing multiple lenders and loan products side-by-side. It is only when you get into the finer details of the loan offer that you will discover how much difference there is between lenders. Having said that, there is one thing you need to be cautious about – applying with multiple lenders simultaneously.

Every time you apply for a loan, the lender runs a credit search. Every credit search appearing on your record has a negative impact on your credit score. This means you are better off applying for loans one at a time. If the first lender you apply with does not come back with an acceptable offer, that's the time to move on to the next one. You can avoid having to apply with multiple lenders by insisting lenders supply all the necessary details before you make an application. A bank unwilling to provide those details is one you probably do not want to borrow from any way.

You can put the power of your property to work to fund your long-term financing needs. Doing so means obtaining a house loan based on the equity you have already built up in your property. Secured Loan Expert recommend you take your time to compare lenders and loan product diligently. When you are sure you have located the best deal, go ahead and apply. You should be able to get the cash you need with reasonable terms and a favourable interest rate.

Alternatively you can take advantage of our free expert advice. All you need to do is call one of our friendly secured loan experts and they will do all the work for you.

With the technology at their fingertips they can trawl the whole of the market to find the most suitable offers that meet your desired criteria in a very short space of time. They can then show you detailed comparisons of the deals available and will recommend the best options. If you are happy with the deals they find they will let you know exactly what the full costs are for any loan will be and will use their expertise to make an application to the lender on your behalf that shows your case in the best possible manner ensuring that you have the highest possible chance of gaining a fast approval and getting the money you need.

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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