| |
Secured Home Loans: Privilege Especially For Homeowners.
By Pamella Scott
So you are in need of a loan. At the same time, you also want to get the benefit of lower interest rate. Now you are thinking how you can make these two things possible together. If you are a homeowner, it would be so easy for you. Seems unbelievable? Then know about secured home loans and see how finely these loans match your expectation.
Secured home loans are basically given against borrowers' home. Borrowers' homes play the role of collateral in this loan option. Since, these loans are secured on borrowers' home; hence usually these loans are available at a lower interest rate. Therefore, you need not spend much for the sake of loan only.
With secured home loans, a borrower can borrow anything in between ₤5000-₤75000. Sometimes, it is seen that borrowers can avail 125% of the value of their home. The repayment period of these loans is flexible as well. Based on borrowed amount as well as lenders' policy, the repayment period is decided. Generally, these loans are provided for 5-25 years.
These loans are available with various repayment options. While availing the loan, borrowers can go for fixed rate, variable rate, capped rate and discounted rate options. As the name refers, in the fixed rate option, the interest rate becomes fixed during the whole loan term. On the other hand, in variable rate, the interest rate fluctuates on the basis of the prime rate. With capped rate option, the interest rate cannot go beyond a specific limit. And discounted rate offers borrowers the facility of lower interest rate for a particular period of time.
Secured home loans are also obtainable for bad credit scores. If you are suffering from CCJ, IVA, default, arrears, bankruptcy or late payment, you can meet your financial urgency with these loans as well.
These loans can be used for various purposes. From home improvement to business enhancement, from higher education to holiday purposes- a wide spectrum usages have made secured home loans popular among the borrowers.
About the Author
Pamella Scott is an author who can certainly identify your kind of loan. An unprepared borrower might find it very confusing to get out of the jargon of loans in UK. To find secured home loan, secured personal loans, unsecured holiday loans, secured home improvement loans that best suits your need visit http://www.easyfinance4u.com
Article Source: http://www.simplysearch4it.com/article/49056.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/49056.html" as shown above and make it hyperlinked. |
| Some other articles by Pamella Scott | |
| |
|
