When applying for a homeowner loan, there are a few things to bear in mind before just going to your bank and asking for £24,000.
The first point is that it may be cheaper to borrow twenty five thousand, five hundred pounds than it would be to borrow twenty four thousand pounds. The reason for this is that loans for twenty five thousand pounds and under, are regulated loans, therefore, there are a number of differences between these and secured loans that are over twenty five thousand pounds.
The main differences are that:
1) The APR is normally cheaper, the more you borrow.
2) Unregulated homeowner loans do not have to go through a consideration period.
3) They can be as much as two weeks quicker than regulated homeowner loans.
4) Because it is a larger amount the lender will want to do all in its power to complete the homeowner loan.
There are others that can be mentioned, however these are the main ones.
The other things to think about when looking for a homeowner loan is that all lenders have different criteria, and different rates of interest. So if you go direct to a lender, they will only sell you their products, which may not be the cheapest on the market. However, if you go to a broker that deals with
secured homeowner loans,
secured loans,
bridging finance, and maybe even remortgages, then they may be able to give you advice, and find the best homeowner loan for your needs.
However some brokers do charge a fee...
Advanced Finance are one of the largest homeowner loan brokers in the UK on the internet, and they do not charge a broker fee to their clients when they apply online through their website www.advanced-finance.co.uk.
Jenny Austin is an expert in
bridging finance, as a fully qualified financial advisor she can provide advice on
secured homeowner loans and
secured loans
