Why Get a Secured Loan?

If you want to borrow money based on your home equity, please do some comparison shopping first. You typed in a search for portlamd building society, but through our service you can do your comparison shopping.

Different people need quick funds for varied reasons. If you own your own home, you will in most cases be able to receive a loan up to the value of your home from a secured lender like Portland Building Society.

There are quite a few reasons why one would have a use for a secured loan rather than a remortgage. For one thing, if one's personal credit rating has declined since getting their original mortgage, the rate of interest they can manage to get will almost certainly be higher than the original mortgage, and the new rate applies to the full loan balance. Also, if rates in general have gotten higher, one certainly wouldn't want to relinquish the lower rate he has on the old mortgage. Thus, if he needs an extra 20,000 to have a swimming pool installed, he will not have to surrender that original mortgage rate. He can get a second charge loan for only the amount of money he needs, and perhaps even pay it off early.

Besides, even though remortgages are in general at lower rates than homeowner loans, there are still some companies in the United Kingdom that provide very attractive mortgage rates on secured homeowner loans. Low Cost Funding has relations with these loan merchants, 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 homeowner loans. And other companies that feature special low rate deals for home owners with superior credit. Moreover, there are some secured loan lenders that are more focused towards lower loan amounts than other lenders.

Another plus point in getting a secured home owner loan is speed in getting your loan. How rapidly can you get your funds with a secured loan? Well, in the U.K., for loan companies like Portland Building Society, loans for amounts lower than 25,000 are regulated by the Consumer Credit Act of 1974. This means that there is a 2 week hold before your loan can go through. However, loans above 25K are not subject to such regulation, and hence it is sometimes feasable to get your funds approved the very next day. This can be light years faster than a remortgage, where you will have a much longer time to wait before you get your cash.

Low Cost Funding can furnish you with a very competitve quote on a secured loan to fit your needs. As stated earlier, our business model allows us to instantly search from amongst top loan companies in the U.K. to get you the best companies for your particular needs. And because we make our money from the lenders, there are no additional costs to you for using us. So if you were thinkng of going with portlamd building society to get a secured loan, take a couple of minutes and fill in our form to see what other money-saving loan options are out there.