Recovery on the horizon ? - Mortgage & loan article from More4 Loans

Get some independent advice to help you shop around and find the best deal for you.

Remortgaging our home is one the greatest expenses we will ever encounter in our lifetime, but far too many people don’t know how to find a remortgage if they're own bank or building society turns them down.

Steve Pollard of More4 Loans comments, “Many of our customers come to More4 Loans because they've been turned down by their bank or building society aren't sure where else to turn for help. We look at a variety of selected products and rates to find a mortgage suitable to each individuals circumstances.

At More4 Loans we take the hassle out of going to various lenders if you're own bank can help. We do this by understanding what our client’s current situation is and what they wish to achieve. We then identify what solutions are available to them and explain these options in detail. This means that our customers have a clear understanding of how these products compare to their current offers.”

Steve concludes, “We recognise that everyone has different needs and circumstances and you may find that some lenders will not be able to lend to you. For instance you may not have proof of income or have a  poor credit rating, More4 Loans has the experience to place you with the right lender straight away."

If you have any questions about More4 Loans and the mortgage services we provide, please do not hesitate to contact our mortgage advisers on freephone 0800 0778956 or by email at info@more4loans.com. Alternatively if you would like to receive a no obligation remortgage quote, apply online now.

What is a secured loan ? - loan article from More4 Loans

If you are looking for a loan at the cheapest rates then secured loans are the best option. A secured loan is a loan that is secured on your property and can be either on your main residence or in some circumstances a buy-to-let property. By providing the lender with some sort of security means that you, the borrower, will be offered a far lower interest rate with a secured loan than with an unsecured loan. This is because there is less risk for the lender. Since secured loans are secured on property, most lenders will consider your secured loan even if you have a bad credit history, although you may pay a higher rate if you do have a bad credit history. This is also subject to equity being available in your property.

Loans can be secured against your property only when you have an existing mortgage. If you do not have a mortgage at the moment and the property is your main residence, legislation does not allow for a secured loan to the be the 1st charge on your property.  Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges.

A secured loan often has a lower interest rate and more favourable repayment terms than an unsecured loan. Furthermore, with secured loans it is more likely that you can borrow a larger sum of money and pay it back over a longer period of time. For instance unsecured loans may be restricted to a maximum £25,000, whereas secured loans can be considered up to £250,000 with some lenders.
A secured loan can be used for any purpose such as; paying off debts, making home improvements, buying a new car, luxury holiday or anything you choose! A secured loan broker such as More4 Loans, will help you find the best secured loan deals whatever your circumstances and can provide a fast no obligation loan quote.

Can you get a secured loan with bad credit ? - loan article from More4 Loans

Experts estimates that around that one in four people in the UK have some sort of adverse credit history whether these are defaults, arrears, CCJs and/or bankruptcy/IVA. Those with a bad credit history generally have difficulty obtaining finance through some lenders as they cannot satisfy the lenders credit scoring criteria. 

Though it is difficult to get a personal loan with an adverse credit record there are lenders who will still consider your case and offer loans at appropriate terms and rates of interest. These are often called bad credit loans. These bad credit loans are often secured on your property and are charged at a higher rate of interest that some other loans. However they can also be seen by many as an opportunity to improve your credit score, particularly if the funds raised are used to clear any arrears or defaulted loans.

With a bad credit secured loan, although your credit score is still an important factor, just as important is your ability to prove that you afford to repay the loan. If a lender is satisfied that you can afford and repay the loan having checkec your income and outgoings, the lender must then decided whether you have sufficient equity in your home. points. They do this by calculating the available equity in your home againts their Loan to Value (LTV) criteria. Effectively this means that the lender sets what they feel to be a maximum % of the value of your property they will lend at, say 75% LTV. They then calculate how much you could borrow (i.e. the maximum loan available to you) by multiplying the value of your home by the LTV and then deducting the balance you owe on your 1st mortgage. i.e Value £100,000 x 75% LTV = £75,000 less £50,000 outstanding mortgage, gives a max secured loan of £25,000. A secured loan broker such as More4 Loans can help you find a bad credit secured loan and provide you with a free no obligation loan quote.