Additional Information

Why do homeowners get lower rates of interest on loans?

It's a fact that if you own your own home you are likely to qualify for a lower rate of interest when taking out a loan. The main reason is the security that the equity in your home gives to anyone lending you money. If, for whatever reason, you fail to repay your loan then the lender has the option (and it usually is a last resort option) of recovering the monies by using the asset of your property. In reality, very few companies will resort to that option and only in the case of large losses, but the security that gives, means you are less of a risk to them and they can charge you less accordingly. There are also other factors of financial and location stability that count in your favour when a lender is assessing your application.

Typical Rates - what are they?

All loans companies are required by law to quote their "Typical APR" on certain forms of advertising. It can be slightly confusing to an applicant, as all loan companies will make individual assessments of applications and charge different rates as a result. Companies advertising higher rates will not neccessarily charge you more, it probably means that they are accepting a more varied spread of applications.

What's the process with Online Loans?

The benefits of online loans are many; faster applications, more choice and simpler processes. When we receive your online quote request, our team will match your loan needs against our database of more than 350 different loan plans. We'll work out which apply to your request, highlight the better ones and contact you to find out which you prefer, if any.

Is a remortgage different from a secured loan?

You can only have one mortgage (or first charge) on your home - a second charge is normally referred to as a secured loan. Also a secured loan cannot be the only or first charge on your home. If you already have a mortgage and wish to borrow more money against the equity in your home you have 2 options. You can either re-arrange your existing mortgage and borrow a larger amount (remortgaging) or you can leave your existing mortgage in place and borrow the additional sum via a secured loan. This may be a more cost-effective option, especially if there are redemption penalties attached to your current mortgage. There are no limits on the numner of unsecured loans you have at any one time, it is the total about borrowed that is more important.