Why Get a Secured Loan?

If you are looking to borrow money based on the amount of equity in your home, it would behoove you to do some comparison shopping first. You typed in a search for lombarddirect.co.uk, but by using our services you can get some idea of what else is available.

Home owners need ready cash for assorted reasons. If you are a home owner, you will generally be able to get funding up to the value of your home from a secured lender like Lombard Direct.

There are quite a few reasons why one would have a need for a secured homeowner loan rather than a remortgage. For one thing, if one's personal credit rating has declined since securing their original mortgage, the rate they can manage to get will surely be higher than the original mortgage, and the new higher rate applies to the full loan balance. Likewise, if mortgage rates in general have risen, one wouldn't want to part with the lower interest rate he has on his mortgage. So, if he needs an extra 20,000 to have a swimming pool installed, he won't have to surrender that original rate of interest. He can get a homeowner loan for merely the amount of money he needs, and maybe even pay it off early.

Besides, even though remortgages are generally at lower rates than secured homeowner loans, there are some select lenders in the UK that can offer very attractive rates on secured loans. Low Cost Funding has relations with these companies, and we specialize in linking you up with these to find you the loan merchant that will best fit your situation. As an example, there are lenders that specialize in bad credit secured loans. And other lenders that feature special low rate deals for those with superior credit. Also, there are some second charge loan merchants that are more focused towards lesser loan amounts than others.

Another plus point in getting a secured home owner loan is speed. How speedily can you get the money you need with a secured loan? Well, in the UK, for loan companies like Lombard Direct, loans for amounts lower than 25K are regulated by the Consumer Credit Act of 1974. This means that there is a 2 week waiting period before your loan request can be processed. However, loans for amounts over 25K are not under regulation, and therefore it is sometimes possible to get your funds approved the very next day. This is much faster than a remortgage, where you will have to wait a lot longer before you get your cash in hand.

Low Cost Funding can provide a very competitve quote on a secured loan to to match your needs. To reiterate, we have the ability to rapidly search from amongst top lenders in the UK to find the best loan sources for your particular situation. And because we make our money from the lenders, there are no additional costs to you for using our company to assist you. So if you were considering using lombarddirect.co.uk to get a secured loan, take 2 minutes and get a low cost quote to see what other great options are there for you.