YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED ON IT. ALL LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.
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Site Last Updated: 19/12/2006
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Ó www.a-secured-loan-4-you.co.uk - Specialists in secured loans
Site Updates: Wednesday 20th December 2006
Ever wondered just how much you could actually borrow on a secured loan? Well theres no fixed answer, it all depends on your assets, credit score and credit history.
So how much could you borrow? That will depend on several factors, such as the current value of your property, the amount of any other loans already secured against the property and the incomes of those applying. The lender will want to be sure that there is enough available equity in your home and that you can afford to make regular repayments. Secured loans for UK homeowners usually means lower monthly repayments spread over a longer term than unsecured lending. So whatever your circumstance - WE CAN HELP.
The way lenders calculate how much they are willing to lend depends mainly on your credit score/rating. This will be a score calculated by a credit rating agency such as experian or equifax, that will use various pieces of personal information to determine just how you manage your debts, your repayments and finances in general. Using the information they can determine the risk factor in lending to you. Your credit rating will involve looking at your address, how long you’ve lived there, whether you are on the electoral role, whether you rent or have a mortgage on the accomodation, your age, if you are married or single, your education, your income, your past repayment history, your outstanding levels of credit, and whether you’ve ever been declared bankrupt or have had legal action taken against you for the recovery of unpaid items. Of all this information, probably your current income will be one of the most important, although lenders do try to build up an overall picture using all the information that is available to them.
Therefore, for most people, the limit to how much they can afford to borrow will mainly depend on the value of their home. Homes generally have spare equity in them which will also count towards your loan amount eligibility. This is the value of the home in excess of your current mortgage. These days, with house prices continually increasing in value as the market grows, most people who own their own homes will be able to borrow a substantial amount on a secured basis, depending on how much equity they have free in their home.
As a general rule of the thumb you can borrow around the below amounts.
- The amount can range from as little as £5,000 to a figure in the hundreds of thousands.
- Secured home owner loans over £100,000 are common for mortgages these days.
- Some lenders in the UK will now offer up to an astounding 125 per cent of value of your property.
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Part of the Michael J Alexander Group
We are a UK Based Secured Loans Specialist
If you are looking for a secured loan, and want to borrow at the best possible rate then fill out our application form or our request call back form and we will help you from there.
Secured Loans, What are they?
It is usually essential to raise finance for important purchases including for example property related investment such as extending the property or adding additional space onto the property.. One method for raising this finance is to borrow money with security put down against the loan thus a secured loan. This effectively guarantees the loan by assigning rights to the security in the event of a loan default.
