Blemain Loans - Good or Bad??

Kinghstella

I need some help, please!! I have a good credit history but work as a limited company and pay myself small salary. Due to the small salary I am unable to increase my mortgage (for debt consolidation) or get a personal loan from my bank. A friend has recommended Blemain Finance for a secured loan and wondered if anyone had any experience of using their services. All feedback, positive and negative would be greatly appreciated!

DCFC79

You are aware of what a secured loan is ?

Also you do know debt consolidation rarely works.

Tixy

If the reason you cannot extend your mortgage is because of your income level and affordability of repayments then it seems unlikely you would be able to afford a more expensive loan with the likes of this lender.

No specific knowledge of this particular lender, but there are many posts on these forums about people who have taken out secured loans/second mortgages from subprime lenders and who have found that the variable interest rates have increased significantly and up to a point where the repayments become totally unaffordable.

If you are struggling with the debt repayments on your current debts then perhaps try posting on the debt free wannabe section of the forum where people may be able to advise on ways you can change your finances so your repayments are more affordable, or advise you on other options for dealing with your debts (such as speaking to the debt advice charities and considering debt management plans etc).

iolanthe07

It is really a bad idea to take on a variable rate loan, except for a first mortgage where you usually don't have much option. They almost always 'vary' upwards, sometimes quite alarmingly.

chiefsfanuk

I have a mortgage and secured loan through Blemain. I'm not here to judge your circumstances so to answer your question, I have personally had a good experience with Blemein for over five years now.

However once my credit report is looking nice n healthy I will be looking to move to a 'better' mortgage lender with lower interest as soon as I can. Blemain have suited my needs thus far but I am well aware I am overpaying!

On a plus side, they are very upfront with charges/terms and I have the ability to regularly overpay without being penalised.

Hope you are able to make the right decision for you