Why Get a Secured Loan?

If you're in the market to to borrow money based on home equity, it would behoove you to do some shopping around first. You typed in a search for portlan building society, but through our services you can see what other options you may have.

Many people need ready cash for many possible needs and wants. If you are a home owner, you will almost always be able to get funds up to the value of your home from a secured lender like Portland Building Society.

There are many reasons why one would seek out a homeowner loan rather than a remortgage. First, if one's personal credit rating has worsened since they obtained their original mortgage, the best interest rate they will be able to get will surely be higher than the original mortgage, and the new rate applies to the total loan. Furthermore, if interest rates in general have gone up, one would definitely not want to give up the lower rate of interest he has on the original mortgage. So, if he needs an extra 20,000 to have a swimming pool installed, he will not forfeit that original rate of interest. He can get a secured loan for exactly the quantity he needs, and maybe even pay the second charge loan off early.

Besides, although remortgages are typically at lower mortgage rates than second charge loans, you can find some lenders in the UK that extend very attractive interest rates on secured home owner loans. Low Cost Funding has relations with some of these loan merchants, and we specialize in linking you up with these to find you the loan source that will meet your particular needs. For example, there are corporations that specialize in bad credit secured loans. And other loan merchants that feature special low rate loans for homeowners with a high credit score. Also, there are some secured homeowner loan merchants that are more favorable towards smaller loan amounts than other sources.

Another advantage of getting a homeowner loan is speed. How quickly can you get your money with a secured loan? Well, in the UK, for loan companies like Portland Building Society, loans below 25000 are regulated by the Consumer Credit Act. This means that there is a 2 week time lag before your funds can be disbursed, at the very least. However, loans with amounts greater than 25,000 are not regulated, and so it is feasable to get your loan approval 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 speedy quote on a secured loan for any needs you may have. To reiterate, we have the resources to instantly search from amongst top lenders in great Britain to find the best loan merchants for your individual needs. And because we get paid by the lenders, there's no additional cost to you for using our services. So if you were thinking about using portlan building society to get a secured loan, take a couple minutes and fill out our form to see what other great deals are available to you.