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A Guide to Secured Home-Owner Loans A secured loan is any loan that requires the borrower to provide the lender with some form of security

More detailed reports are also available for a small fee

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So as a rough ‘rule of thumb’ a capped rate is better to have than a fixed if all other factors are equal

Arrears This describes the amount the borrower is behind in his mortgage repayments schedule

The period of borrowing is in excess of say 12 years

In this case all is not lost, other factors may come into play such as the sellers current position and reason for sale

Commonly a lender will require a non-refundable up front booking fee to be paid on application to reserve the mortgage

Having difficulties obtaining a mortgage, because of CCJs, defaults, or arrears? We are experts in finding mortgages and loans for people with poor credit

For a borrower wanting one home for their finances this is an attractive option

Location : Normally an agent will ask for a number of areas Do you need finance? If not how are you financing the purchase? Is it dependant on selling a property? If you have registered with an agent and your not getting any details

Advantages: Complete flexibility within the mortgage market allowing option to move from lender to lender should the opportunity to take advantage of more competitive rates elsewhere arise

Credit scoring assesses your personal circumstances and statistics to ascertain which broad category of borrower you fit in to

If remedial work is required ask the owner if they have had any quotes

Check it out and see how the neighbourhood is rated

This is an excellent option for the self employed

It is probably more suited to you if you do not mind this uncertainty and your budget can absorb an increase in interest rates or if you think rates will go down during the discounted period

It may be that there is more or less demand on a certain type of property or particular estates/areas

A Home Buyers report, generally suitable for most modern homes conventional in type and construction

Get advice on all types of loans, compare rates, or apply for a loan online

In addition the lender has no way of tracking some of the more modern repayment vehicles, such as an ISA, which will result in some instances where a borrower lets an investment lapse forgetting or not realizing it is to be used to pay off the mortgage

The seller needs to move fast

Lenders offer insurance policies or payment protection schemes to protect you in the event of accident, illness, unemployment and death (subject to conditions), for which the charge is added to your monthly repayment

Other Charges There are a whole series of other fees that some lenders apply in certain circumstances e

Switching between provider can only be completed on an annual basis and penalties may be incurred

Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges

It acts as a form of insurance for the lender not the borrower

Should the lender determine that an inspection is required before releasing any further funds, this normally carries a small fee that will be deducted from the withheld advance

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