Choosing the Type of Loan

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Choosing the Type of Loan

Taking out a Secured Loan or Personal Loan is the normal way of borrowing money from either a building society, bank or independent loan company. They will generally lend up to £15,000 for a term of between 1 and 10 years. If the type of loan is a secured loan then this may be increased to the amount of equity on your property and the term could be up to 25 years. A secured loan is one where the lender will take a second charge on your property and an unsecured loan is not tied into anything. So if you can’t pay back a secured loan then you may have to sell your house to repay it, and for an unsecured loan if default on you r repayments you could be credit blacklisted. This could prevent you taking out any further credit or even taking advantage of an interest free deal in a shop.

Loans are subject to status. Loans are secured on property. Written quotations are available upon request.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.

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