Best place for secured loans?
NorthantsPete81
Posts: 76 Forumite
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
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
0
Comments
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It depends on your circumstances.
Use an eligibility checker.
Soft searches aren't visible to others, so don't impact your history, if that's what your last sentence means.NorthantsPete81 wrote: »they apparently dont affect my fil ebut is ee them on my file so it must do.0 -
elegibility checker only goes upto 7 years.
I can afford it, just need the best rate0 -
You can contact the lender who gives the best rate to see what they will offer for a longer term.0
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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.0 -
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 cards0 -
NorthantsPete81 wrote: »yep terms are crap. £1500 fees added.
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.0 -
Deleted_User wrote: »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.
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.0 -
Deleted_User wrote: »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.
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).0 -
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%APR0 -
equity will only add to my mortgage, and over 28 years
I only weant to pay off this in 100
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