Why Get a Secured Loan?

If you are a homeowner looking to borrow money based on the equity in your home, by all means do some shopping around first. You typed in Ulster Ban, but by using our services you can do your comparison shopping.

People need fast cash for many different purposes. If you are a homeowner, you will almost always be able to get a loan up to the value of your home from a secured lender like Ulster Bank.

There can be many reasons why one would search for a secured homeowner loan rather than a remortgage. Firstly, if one's credit rating has worsened since securing their original mortgage, the interest rate they can manage to get will almost certainly be higher than the original mortgage, and the new rate applies to the full balance. Moreover, if interest rates in general have gotten higher, one would definitely not want to forfeit the lower rate of interest he has on his original mortgage. Therefore, if he needs an extra 20,000 to have a swimming pool installed, he doesn't have to abandon that original mortgage rate. He can get a secured loan for just the sum he needs, and maybe even pay the second charge loan off early.

Besides, even though remortgages are usually at lower percentage rates than secured homeowner loans, there are some lenders in the UK that have access to some very attractive interest rates on secured home owner loans. Low Cost Funding has relations with some of these companies, and we specialize in quickly scanning these to find you the company that will best fit your situation. As an example, there are select lenders that specialize in bad credit secured home owner loans. And other companies that feature special low rate programs for those with great credit. Also, there are some second charge loan merchants that are more tailored to lower loan amounts than other loan merchants.

Another positve in getting a homeowner loan is speed in getting your money. How quickly can you get your loan with a secured loan? Well, in the UK, for loan companies like Ulster Bank, loans for amounts less than 25K are regulated by the Consumer Credit Act. This means that there is a 2 week delay before your funding can go through. However, loans over 25K are unregulated, and thus it is sometimes feasable to get your money approved the very next day. Compare this to a remortgage, where you will have a much longer waiting period before you get your funding.

Low Cost Funding can get you a speedy quote on a secured loan no matter what the purpose. To reiterate, we can immediately search from amongst top homeowner loan companies in the U.K. to select the best companies for your individual needs. And because we get paid from the lenders, there's no additional cost to you for using our assistance. So if you were considering using Ulster Ban to get a secured loan, take a few minutes and get a loan quote from us to see what other outstanding programs are available.