What you need to know about secured loans

What you need to know about secured loans

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What you need to know about secured loans

Video transcript

A secured loan is one that homeowners and mortgage payers can take out against their property and First Choice Finance can help you to find one most suitable one for your circumstances from their selection.

The Bank of England Credit Conditions Survey for the first quarter of 2013 shows that lenders have been more willing to lend people these kinds of loans over the past nine months and that trend seems set to continue over the next three months at least.

Many homeowners decide to opt for a secured loan when they need more money than they may be able to get through unsecured borrowing and if you come to First Choice Finance, we could help you gain access to funds worth up to £100,000.

Or if they want to spread the payments over a longer period, with secured loans repayment terms vary from just 3 to 25 years.

This money could go on whatever you see fit, so if you feel as though your home would benefit from having a conservatory or orangery added to it, you could spend the money on the home improvements that will not only enhance your home enjoyment, but also possibly increase any future sale price.

On the other hand, you may need the secured loan money to pay for previous unsecured debts – things like credit cards and smaller personal loans.

Your homeowner loan would be used to settle these and leave you with a single repayment to make each month as a result.

Not only would this be easier to manage, but it should also see you pay back less money each month, easing your cash flow.

Be aware though that because your secured loan would be for a longer period, you may end up paying back more interest by the time it's paid off.

Find out more about how First Choice Finance can arrange a suitable secured loan for your personal circumstances by visiting firstchoicefinance.co.uk and filling in the short form, alternatively have a chat with us on 0333 003 1505 from a mobile or 0800 298 3000 from a landline.
 

Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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