icon

05744-75842

Secured Home Loans

Secured home loans or mortgages are the most helpful kind of loan for anyone who wants to buy their own house and establish himself or herself in the property market. By securing your debt with the home you are trying to buy, you get better interest rates and better terms because banks will be more accommodating as they face lesser risks of losing money if you have a collateral on your loan.

Whether you are a first time buyer or you are remortgaging, using your home as security is a big risk indeed. However, with right preparation and the right direction as well as the right help in finding the best offers on secured home loans, there should be lesser risks for you and maybe even none at all.

Secured home loans are sometimes also called remortgages or second charge, second mortgage or further charge. The main idea is that since you already own the house, you can use it to borrow money so you can pay off your other mortgage, do some home improvements or buy another property.

When choosing the right secured home loan that will save you money and lessen your risks, you have to compare the cost of the credit deals that are offered by different creditors. The factors you have to think about are:

The APR or Annual Percentage Rate
This is the interest you will have to pay in a year, divided and included in your monthly repayments. There are many factors that affect the APR offered to you. It all depends on how much risk the creditor thinks it faces when it lends you the money for a long period of time.

The Interest Rate Type
Interest rates can be fixed or variable. The good thing about secured loans is that most are offered with fixed rates. Having a fixed rate means you can have the peace of mind that you will never have to pay for a very high interest rate that may arise in the near, far or very far future. The variable rate depends on a number of factors in the market so it could be a rollercoaster ride having a variable rate.

Insurance Cover
There are many types of insurance offered on secured home loans. There are insurance that protects you from very high interest rates in case you have a variable. There are policies that will cover home insurance and everything that you have inside it. It is important to find out what type of insurance cover you can get so that you don’t have to take out another one that might actually work with the one you’re already paying for or getting for free with your secured home loan.

Fees and Charges
Loans, whether secured or unsecured, have many different kinds of fees and charges that you have to shoulder like processing fees, filing fees, broker charges and many others. You have to know every single type of charge you might have so that you can find ways to avoid it.

Quick Secured Loans is here to help you find the lowest interest rates with our free comparison service. You can compare a wide range of secured home loans to find the most suitable one. With just a few easy steps, you may be closer to finding the cheapest secured home loan. Fill out our online form now!