'The Essential Guide to Homeowner Secured Loans'
- an Essential Guide from Shire Direct...
Homeowner Secured Loans Guide - Page 1 of 7:
Welcome to our Homeowner Secured Loans Guide, in which we'll explore and guide you through the world of the Secured Loan and hopefully tell you all you need to know about Homeowner Secured Loans and their purpose.
We'll discuss what a secured loan is, how much you may be able to borrow, the differences between Secured Loans and Unsecured Loans, and when and why a secured loan may be your most appropriate and suitable choice of borrowing.
What's more, we'll also take a look at how Shire Direct can help with a Secured Loan, even in tricky circumstances and situations!
Introduction to Secured Loans...
When it comes to arranging finance for customers, we here at Shire Direct will always ensure that we provide advice and recommendations only on suitable products.
However, providing additional funds for existing homebuyers does not always fall in to the domain of a remortgage, there are indeed other solutions that need to be explored.
Naturally our Advisors will always carefully consider your circumstances, requirements, needs and aspirations. By doing so, we can consider the alternative ways of raising the funding you require and come up with the most appropriate method.
So, in order to provide our customers with different methods to raise finance other than by remortgaging, we have included in our armoury, a range of secured loan products that can be used in instances where arranging a remortgage would not be the best solution.
Next up we'll explore just exactly what a Homeowner Secured Loan is and the considerations that must be taken into account before going ahead with this type of borrowing.
NEXT: What is a Secured Loan? ›
Mortgages/Remortgages: The overall cost for comparison is 9.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances. For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
Homeowner Loans: Rates from 8.9% APR variable, but typically 13.9% APR variable. Most customers are likely to receive a lower rate or the same rate as our typical variable rate - learn more about APR. Shire Direct also has a range of non-conforming loan plans with rates up to 19.9% APR. These plans are designed to help those who may have a more difficult credit history, including CCJ's and credit arrears, IVA and bankruptcy problems.
A broker fee of between 0% and 10% of the loan advance may be charged for arranging a secured loan.
All loans subject to status and secured on property.
The actual rate available will depend upon your circumstances. Written quotations on request.
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.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
