Secured loans are nothing more but a loan availed on basis of value the property has in the UK market.
It is always an advantage with homeowners to utilise the fast increasing market price of their property.
If the requirement is for a bigger loan amount and you want to avail longer repayment tenure then these loans are valued option.
There is a tremendous rise in rates of properties located in coastal areas over the past one year, according to recent figures by Halifax.
In one year, around 10 per cent rise in properties in 117 coastal towns has been witnessed.
The reason for increase might be because of seaside resorts however there are still good options for first time buyer in areas such as Kent, Sussex and North Yorkshire.
This is a good opportunity for homeowners to avail secured loans.
As the rise in house prices will definitely provide a good loan deal from a lender.
However, comparing the APR (Annual percentage rate) with different lenders will help you determine, how competitive a deal you are getting.
Secured loans offer you different payment schemes.
If you are offered a fixed interest rate, your monthly loan payments will be the same through out the completion of loan period, even the increase in bank's base interest rate won't bother the proceedings.
However, on the other hand if you are offered a variable interest rate plan, you are more likely to face a change in your monthly repayments, if bank base interest rate increases.
You are in a better position to maintain your monthly budget with fixed interest plan.
Lenders do provide a lot of added benefits with secured loans like, repayment holidays and accelerated repayment.
In repayment holidays, you can skip payments up to six months due to any difficulties in repayments.
However, if you have a healthy bank balance, you can utilise accelerated repayment option without inviting any penalties.
The only major disadvantage with secured loan is, in case of non-payment of loan amount, your security with the lender is at stake.
It is always an advantage with homeowners to utilise the fast increasing market price of their property.
If the requirement is for a bigger loan amount and you want to avail longer repayment tenure then these loans are valued option.
There is a tremendous rise in rates of properties located in coastal areas over the past one year, according to recent figures by Halifax.
In one year, around 10 per cent rise in properties in 117 coastal towns has been witnessed.
The reason for increase might be because of seaside resorts however there are still good options for first time buyer in areas such as Kent, Sussex and North Yorkshire.
This is a good opportunity for homeowners to avail secured loans.
As the rise in house prices will definitely provide a good loan deal from a lender.
However, comparing the APR (Annual percentage rate) with different lenders will help you determine, how competitive a deal you are getting.
Secured loans offer you different payment schemes.
If you are offered a fixed interest rate, your monthly loan payments will be the same through out the completion of loan period, even the increase in bank's base interest rate won't bother the proceedings.
However, on the other hand if you are offered a variable interest rate plan, you are more likely to face a change in your monthly repayments, if bank base interest rate increases.
You are in a better position to maintain your monthly budget with fixed interest plan.
Lenders do provide a lot of added benefits with secured loans like, repayment holidays and accelerated repayment.
In repayment holidays, you can skip payments up to six months due to any difficulties in repayments.
However, if you have a healthy bank balance, you can utilise accelerated repayment option without inviting any penalties.
The only major disadvantage with secured loan is, in case of non-payment of loan amount, your security with the lender is at stake.