Secured Loans
If you
have missed payment on your mortgage or have
incurred a CCJ or poor credit rating, it might be
worth considering a secured loan rather than
remortgaging your home.
Secured Loan or Remortgage?
A remortgage might be much more expensive if replacing
your current mortgage with one that reflects the
increased risk due to poor credit.
Speed of process
The average secured loan can be pay out within two to
three weeks of application, however a remortgage, with
the increased paperwork can take 6 weeks or more.
Early release penalties
Many secured loan of £25000 or less now carry only two
months interest as a penalty. It is worth asking you
financial advisor about the early redemption penalties
for both a remortgage and a secured loan.
Fees and up front costs
Because of the way secured loans are put together by the
lenders they normally carry no up front fees, unlike
mortgages you would not be charged for valuation fees,
legal fees, arrangement fees, booking or application
fees, so while you may feel the rates are higher when
you look at the figures you may end up paying less over
all.
To discuss the most suitable option
for your circumstances speak to a First Avenue advisor
now on 08000 19 71 41 or click here
|
