Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • NorthantsPete81
    • By NorthantsPete81 7th Nov 18, 9:42 AM
    • 17Posts
    • 4Thanks
    NorthantsPete81
    Best place for secured loans?
    • #1
    • 7th Nov 18, 9:42 AM
    Best place for secured loans? 7th Nov 18 at 9:42 AM
    HI
    Im after a secured loan, as I need a very low rate and 21k over 10 years



    Where's best to find one? So far 3.69 is the best I can find at .knowyourmoney


    I dont want to do too many 'soft searches' - they apparently dont affect my file but i see them on my file so it must do.




    Thanks
    Last edited by NorthantsPete81; 07-11-2018 at 9:47 AM.
Page 1
    • zx81
    • By zx81 7th Nov 18, 9:46 AM
    • 19,398 Posts
    • 20,736 Thanks
    zx81
    • #2
    • 7th Nov 18, 9:46 AM
    • #2
    • 7th Nov 18, 9:46 AM
    It depends on your circumstances.

    Use an eligibility checker.

    they apparently dont affect my fil ebut is ee them on my file so it must do.
    Originally posted by NorthantsPete81
    Soft searches aren't visible to others, so don't impact your history, if that's what your last sentence means.
    • NorthantsPete81
    • By NorthantsPete81 7th Nov 18, 9:48 AM
    • 17 Posts
    • 4 Thanks
    NorthantsPete81
    • #3
    • 7th Nov 18, 9:48 AM
    • #3
    • 7th Nov 18, 9:48 AM
    elegibility checker only goes upto 7 years.


    I can afford it, just need the best rate
    • zx81
    • By zx81 7th Nov 18, 9:51 AM
    • 19,398 Posts
    • 20,736 Thanks
    zx81
    • #4
    • 7th Nov 18, 9:51 AM
    • #4
    • 7th Nov 18, 9:51 AM
    You can contact the lender who gives the best rate to see what they will offer for a longer term.
    • foxy-stoat
    • By foxy-stoat 7th Nov 18, 12:22 PM
    • 3,052 Posts
    • 1,715 Thanks
    foxy-stoat
    • #5
    • 7th Nov 18, 12:22 PM
    • #5
    • 7th Nov 18, 12:22 PM
    If you cant afford 7 years to repay but can afford 10 - I would seriously reconsider taking out a secured loan for this amount.

    Good luck if you do manage to get a good rate - just check the terms that the interest is fixed for the full term - as when they sell the debt anything can happen.
    • NorthantsPete81
    • By NorthantsPete81 7th Nov 18, 12:32 PM
    • 17 Posts
    • 4 Thanks
    NorthantsPete81
    • #6
    • 7th Nov 18, 12:32 PM
    • #6
    • 7th Nov 18, 12:32 PM
    yep terms are crap. 1500 fees added. The market is a con in this area - brokers?? sounds like the old insurance days of smoke and mirrors.


    Im re-jigging it.


    20k on an unsecured look sbetter.. or juggle some 0% credit cards
    • zx81
    • By zx81 7th Nov 18, 12:38 PM
    • 19,398 Posts
    • 20,736 Thanks
    zx81
    • #7
    • 7th Nov 18, 12:38 PM
    • #7
    • 7th Nov 18, 12:38 PM
    yep terms are crap. 1500 fees added.
    Originally posted by NorthantsPete81
    Who are you going to who is charging fees like that? And what are they for?

    You should be paying interest only, with the only fee being up to 58 days early settlement.
    • foxy-stoat
    • By foxy-stoat 7th Nov 18, 12:43 PM
    • 3,052 Posts
    • 1,715 Thanks
    foxy-stoat
    • #8
    • 7th Nov 18, 12:43 PM
    • #8
    • 7th Nov 18, 12:43 PM
    Who are you going to who is charging fees like that? And what are they for?

    You should be paying interest only, with the only fee being up to 58 days early settlement.
    Originally posted by zx81
    Wrong thread!!!

    If you want a secured loan you should only be talking to your current high street mortgage lender and releasing equity. If your lender doesnt let you release equity then maybe unsecured is better/safer.
    • financegeek
    • By financegeek 8th Nov 18, 4:34 PM
    • 82 Posts
    • 102 Thanks
    financegeek
    • #9
    • 8th Nov 18, 4:34 PM
    • #9
    • 8th Nov 18, 4:34 PM
    Who are you going to who is charging fees like that? And what are they for?

    You should be paying interest only, with the only fee being up to 58 days early settlement.
    Originally posted by zx81
    unfortunately for secured loans this hasn't been the case for the last 2 + years now. The secured loan market is aligned with the mortgage market and FCA (rather than CCA) regulated. The ERC's are therefore decided by the lender and made clear at the outset (as a first charge lender would).
    • NorthantsPete81
    • By NorthantsPete81 9th Nov 18, 11:39 AM
    • 17 Posts
    • 4 Thanks
    NorthantsPete81
    Try it yourself - ANY search for secured lending ends up on a brokers website asking to talk to an expert.


    The banks are only JUST cottoning onto the market. so I believe tesco is the only one.


    Remortgage wasnt an option as I didnt give enough time to switch (so went for product change instead).


    Ive since applied for an unsecured loan and this got declined so its time to dig deep and find some cheap credit cards - I just need to reduce my outgoings each month as weve been trying 'too hard' to pay off debts and crippled ourselves each month by overpaying, these credit cards are now also jumping out of 0% and so 5% loan woul dbe significantly cheaper than a 24%APR
    • NorthantsPete81
    • By NorthantsPete81 9th Nov 18, 11:43 AM
    • 17 Posts
    • 4 Thanks
    NorthantsPete81
    equity will only add to my mortgage, and over 28 years
    I only weant to pay off this in 10
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,237Posts Today

9,240Users online

Martin's Twitter