Secured Loan, Pros and Cons

Sometimes it can feel like all your debts are getting on top of you. You can find no peace because you are constantly worrying about the myriad of short term unsecured debts you have, that always seem to be stacking up and never reducing in size. You may be overwhelmed by trying to keep up with the demands. You do not want to fall behind and end up with bad credit. If you already have a standard of self cert mortgage and have not run up significant mortgage arrears then a secured loan might be the answer.

You can consolidate all your debts into one secured loan. It is secured against your house like a standard or self cert mortgage is. As long as you do not have a bad credit history and no intention of getting into mortgage arrears, replacing all your debts with one long term one may be just the answer you are looking for. Because the payments will be a single payment once a month you will know exactly what to pay and when to pay. You can make the pay back period into a very long term agreement which will decrease the amount you have to pay back each month. This may increase your financial stability as you now have a bigger more understandable budget to deal with.

Secured loans act like self cert mortgages. The risk is negated by the fact that you have put your house up as collateral. If you missed your payments to the loan or got into mortgage arrears, you would end up not only with a bad credit rating which will affect your future potential to gain credit, but also your house may be repossessed. To stave this off it is very important that you make sure that you can repay your monthly loan and mortgage payments. These are priority debts and take preference over anything else.

Taking out a secured loan is a gamble but it is up to you to ensure it is the right one. Work out how much you can afford and stick to it.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

SOLVING YOUR MORTGAGE PROBLEM SIMPLY

ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE