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Secured Lending - a Guide to Releasing the Value in your Home
Author: Rhodri James
The recent boom in house price values have made some homeowners more wealth than they could have possibly earned though working in their jobs, however what use is all that wealth if you can’t get your hands on it until you’ve sold your house? The quickest and easiest way to unlock the increased value in your home is often a secured loan that will allow you to receive a lump sum upfront without having to move or remortgage your house.
Why take a secured loan?
Perhaps it’s time to take that amazing touring holiday, perhaps it time to replace the kitchen or even build an extension to your home, with unsecured lending normally restricted to amounts less than £25,000 if you need borrow more money then the best option will be a secured loan. Using a secured loan you could borrow up to £100,000 to spend at a low rate of interest because the lender has a second charge on your home.
Securing a loan on your home
Taking a secured loan is different to taking out an unsecured personal loan in several ways firstly the amount you can borrow is governed by the amount of equity you have in your home. The amount of equity is the current value of your house minus any outstanding mortgages and other loans.
After you have established how much you can borrow, the lender will make you and offer and undertake a survey on your house (usually a desk survey not involving an actual visit by a surveyor). If you progress the lender will then register a second charge on your home, this then gives them the right to receive money from the sale of your house should you fail to make repayments on the loan.
After you have taken out the loan you will then begin repaying the loan in small monthly payments, because the loan is secured against your property the loan can be arranged for a longer period of time and the longer the time you take the loan over the smaller the monthly payments.
Taking out a secured loan could be the answer to your dreams.
About the author:
Rhodri James is the Consumer Finance Manager for Decision-Finance, a company that specialises in providing customers with on-line quotes for financial services http://www.decision-finance.co.uk/such as secured_loan http://www.1st-personal-loans.co.uk/secured_loan.htmland unsecured loan http://www.1st-personal-loans.co.uk/unsecured_loan.html
Article Keywords:
Home Loans
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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