Why Get a Secured Loan?

If you are a homeowner looking to borrow money based on the equity in your home, you will be well served if you do some shopping first. You typed in portland building socidty, but by filling out our form you can do your comparison shopping.

Homeowners need access to funds for various desires. If you are a home owner, you will usually be able to obtain funds up to the value of your home from a secured lender like Portland Building Society.

There are quite a few reasons why one would seek a secured home owner loan rather than a remortgage. Firstly, if one's credit rating has declined since securing their original mortgage, the rate of interest they can manage to get will likely be higher than the original mortgage, and this will apply to the whole outstanding loan. Moreover, if rates in general have risen, one certainly wouldn't want to surrender the lower interest rate he has on his original mortgage. Thus, if he needs an extra 20,000 to have a swimming pool installed, he won't have to part with that original rate. He can get a homeowner loan for exactly the sum he needs, and possibly even pay it off early.

Besides, even though remortgages are in general at lower percentage rates than secured homeowner loans, there are still some lenders in the UK that feature very attractive rates on secured loans. Low Cost Funding has relations with these companies, and we specialize in quickly scanning these to find you the lender that will best fit your situation. For example, there are loan merchants that specialize in bad credit secured homeowner loans. And other companies that feature special low rate loans for home owners with a high credit score. Furthermore, there are some secured home owner loan merchants that are more geared towards lesser loan amounts than other lenders.

Another positve in getting a second charge loan is speed. How quickly can you get your money with a secured loan? Well, in the United Kingdom, for loan companies like Portland Building Society, loans under 25000 are regulated by the Consumer Credit Act of 1974. This means that there is a 2 week waiting period before your loan can be processed. However, loans for amounts over 25K are not under regulation, and so it is sometimes possible to get your loan approved the very next day. Compare this to a remortgage, where you will have much more af a wait before you get your cash.

Low Cost Funding can get you a fast quote on a secured loan for any needs you may have. To reiterate, we have the ability to quickly search from amongst top secured loan companies in the United Kingdom to select the best sources for your specific needs. And because we make our money from the lenders, it's no more expensive to you for using us. So if you were considering using portland building socidty to get a secured loan, take a couple minutes and get a quote from us to see what other outstanding deals are there for you.