Availing a loan against your home- this is the key feature of a secured home loan. In this loan option, borrowers can avail loans against their homes. If you are in search of a secured loan, secured home loan will be apt for you, with which you can easily finance your needs.
As the name refers, a secured home loan is secured on borrowers' home. Here, borrowers' home act as a security against the loan. With a secured home loan, a borrower can borrow the amount, ranging from £5000-£75000. The repayment period of this loan varies from lenders to lenders. But, normally lenders provide this loan for 5-25 years.
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While availing a secured home loan, borrowers can get various repayment options. These options are as follows:
oFixed rate option: A borrower can avail a secured home loan with fixed rate option. By opting for this option, the borrower has to pay a fixed amount during the loan period. This option is advantageous when interest rate rises.
oVariable rate option: If a borrower avails a secured home loan with variable rate option, the rate of interest will vary in accordance with the changes in loan market. It means, if interest rate hikes up, the borrower has to pay a higher rate, oppositely, if it decreases, his interest rate will be lower.
Besides these two options, one can access a secured home loan with balloon interest rate option and with capped interest rate option.
But borrowers are advised to ask for the amount that would be easy for them to repay. A secured home loan is secured on borrowers' home. It means in case one can not pay off the amount, his home will be seized by lenders. So, do not borrow anything that is not suitable with your repayment capacity.
However, by opting for secured home loan, borrowers can get a lot of facilities. These are like,
Getting a higher amount by paying less
A secured home loan is secured on borrowers' home. Therefore, lenders do not hesitate to offer borrowers a higher amount at a lower interest rate. As a secured home loan, a borrower can borrow 125% of the value of his home. Moreover, the repayment period of this loan is also longer.
Loans for all
Any types of borrowers whether he has a good credit score or bad, can apply for a secured home loan.
Flexible terms and conditions
A secured home loan is availed with flexible terms and condition that can satisfy all kinds of borrowers' needs.
A secured home loan can be used for various purposes, like home improvement, debt consolidation, making holiday trip and so on. So, avail secured home loan today and finance your needs.
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