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£20,000 Secured Homeowner Loan
Secured Loans have often been a source of finance for homeowners who need to raise monies from equity in their property.
It is often thought that a secured loan is just as costly to apply for as a mortgage but this is often not the case - for instance secured loans have no legal fees as their is no transfer of 1st charge mortgage lender or transfer of deeds, a secured loan will also complete much quicker than a secured loan due to the fact mentioned above.
Getting a secured loan for £20,000 will also be more likely to complete than a remortgage as long as their is sufficient equity in your property and homeowner loans can be used for many things such as:
- Home Improvements
- Debt Consolidation
- New Car
- Holiday
- Capital Raise
- Business Purposes
A homeowner secured loan may also work out much cheaper than a full remortgage as you will not be refinancing your main mortgage, whilst secured loan or second charge interest rates do tend to be higher than first charge (1st mortgage) rates, as you are not needing to repay your existing mortgage their will be no redemption penalties to pay and the loan on a whole should be less costly - obtaining a loan for £20,000 is going to cost less than obtaining a mortgage loan to completely refinance everything.
Can you get a secured loan?
Most anyone who is earning an income and has sufficient equity in their property can apply for a secured loan, at Baker Financial finding out if you can obtain a secured loan is free of charge - and when you do qualify we wont charge you a fee we will simply receive a commission from the lender which will help reduce your costs. People with good credit will obviously get a better deal than those with bad or adverse credit but we have seen many people get a secured loan to repay bad debts improving their credit status literally overnight.
