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Articles
- Personal finance explained
- All about secured personal loans
- How can I finance a new car?
- Personal loan finance made easy
- What are home loans?
- Is debt consolidation worthwhile?
- How can I finance my home improvements?
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Personal Finance Explained
26th SEPTEMBER 2006
Many high street lenders and internet companies now offer loans to cover all sorts of situations but how do you go about personal finance planning?
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What are Home Loans?
26th SEPTEMBER 2006
Additional Options for Homeowners
If you are a home owner then you have additional options available when looking for personal finance. This is because your home can be used as security on a loan.
The value of any property you own can be used as collateral or security against the amount borrowed. The security offered is usually your home so secured loans are often called homeowner loans.
Use The Increase In Your Equity
These days many people in the UK own property that has increased in value over the purchase price. The market value of your home may well cover your outstanding mortgage with plenty to spare. The difference between the market value over and above the mortgage is called the equity value. A homeowner loan allows you to take advantage of this equity and use it to finance your lifestyle however you choose.
Doing Your Research For You
You can of course do your own research on home loan finance, find money lenders yourself by going direct to finance companies for product information. Alternatively you could opt to use a broker like ourselves. We can compare different lenders quickly and easily and may have special exclusive deals unavailable elsewhere. However, make sure you check the fee for the service if you decide to use another broker. We do not charge a fee!
Using Your Home to Beat Bad Credit
Home loan finance can be helpful if you do not have a perfect credit history In this case you will be viewed as a higher risk for an unsecured loan. Lenders may refuse your application or only be prepared to offer high interest rates. However, the risk to the lender is greatly reduced with a secured loan so you are more likely to be accepted and offered a lower rate.