Why Get a Secured Loan?

If you want to borrow money based on your home equity, please do some shopping first. You typed in noethern rock, but by filling out our form you can do your comparison shopping.

People need to be able to get cash for various reasons. If you are a home owner, you will in most cases be able to borrow funds up to the value of your home from a secured lender like Northern Rock.

There's many a reason why one would look for a secured loan rather than a remortgage. First, if one's credit standing has gotten worse since securing their original mortgage, the rate of interest they will now be able to qualify for will likely be higher than the original mortgage, and the new higher rate applies to the full balance. Furthermore, if mortgage rates in general have gone up, one wouldn't want to lose the lower interest rate he has on his original mortgage. So, if he needs an extra 20,000 to have a swimming pool installed, he will not part with that original interest rate. He can get a second charge loan for merely the quantity he needs, and perhaps even pay it off early.

Besides, even if remortgages are usually at lower interest rates than secured loans, there are still some lenders in the UK that extend very attractive interest rates on secured homeowner loans. Low Cost Funding has access to these loan merchants, and we specialize in rapidly shopping these to find you the loan merchant that will get you the loan you need. For example, there are companies that specialize in bad credit secured loans. And other sources that feature special low rate programs for homeowners with a high credit score. Furthermore, there are some secured home owner loan corporations that are more favorable to lower loan amounts than other loan merchants.

Another advantage of getting a homeowner loan is speed in getting your money. How speedily can you get your money with a secured loan? Well, in the U.K., for loan companies like Northern Rock, loans smaller than 25000 are regulated by the Consumer Credit Act of 1974. This means that there is a 2 week waiting period before your funds can be disbursed, at the very least. However, loans exceeding 25000 are unregulated, and thus it is feasable to get your loan rolling the very next day. This compares very favorably to a remortgage, where you will have a much longer waiting period before you get your money.

Low Cost Funding can get you a rapid quote on a secured loan to to match your needs. To reiterate, our business model allows us to immediately search from amongst top lenders in britain to choose the best lenders for your individual needs. And because we make our money from the lenders, it's no more expensive to you for using our servvice. So if you wanted to check into using noethern rock to get a secured loan, take a couple minutes and fill in our form to see what other outstanding options are available.