20,000 Loans

£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.

Applying for a £20,000 secured loan through Baker Financial couldn't be easier, we can usually give you a loan decision over the phone within minutes and give you a formal decision in principle within 24 hours & we'll do most of the paperwork for you!

Getting a £20,000 loan will also be more likely to complete than a remortgage as long as their is sufficient equity in your property as the underwriting criteria and lender affordability calculations tend to be slightly more forgiving and homeowner loans can be used for most things such as:

£20,000 Loan payment examples

	7.9%	11.9%
Monthly Payment	£151.04	£218.82
Term in years	25	20
Interest Charged	£25912.21	£32517.88
Total payable over term	£45912.21	£52517.88

There are plenty of loan lenders still available, even with the credit crunch, they allow terms starting from 5 years and have excellent annual interest rates from 7.9% and can be used for practically any purpose!

• Home Improvements
• Debt Consolidation
• New Car
• Holiday / holiday home
• Raising capital
• Business Purposes

A homeowner loan of 20000 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.