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The repayment term available may depend on the purpose for which you require the loan, and may be restricted accordingly (e

There is no reason, as far as legal procedures are concerned, why this cannot be quicker

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

The deposit is handed over to the sellers conveyancers and then a final completion statement is made by both parties conveyancers

This method of repayment is the least risky and is often considered suitable if you want guaranteed repayment and prefer to see the amount owed to the lender decline each year

APR - Annual Percentage Rate An indicator which is used to compare rates of interest. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the term of the loan. All lenders that comply with the consumer credit act must ensure that the borrower is notified about the APR

The potential for your rate to reduce unlike the fixed rate mortgage

However it is not necessarily the case that two lending institutions that have the same multiples available will lend the same amount of money to the same person

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

It simply informs the seller of your interest

STEP 1 - WHICH LOAN? Secured home-owner loans are available in varying amounts and for many different purposes, including debt consolidation

A flexible mortgage linked to a current account

Advantages: Knowing the maximum monthly cost of your loan for a set period, allowing security within your budgeting

The earlier you contact them, the more sympathetic they are likely to be

Generally anything between 1 and 25 year fixed rates are available

Interest only

In this, the seller agrees to a period during which they promise not to enter an agreement with anybody else

With this type of mortgage, interest may be calculated on a daily or weekly basis

(Typically £800) Avoid gazumping and contract races To help protect yourself from future disappointment, wasted time and expenditure, during the process of making an offer it may be worth trying to ensure that the agent and the seller agree that higher offers will not be entertained

An arrangement fee is typically charged on completion of the mortgage

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

Lenders are constantly providing new ways for borrowers to save money if they switch their mortgage from their existing lender to a new one

There are two basic types of endowment policy – the with profits version and the unit linked version

Nonetheless millions of borrowers have one or more endowment policy and as a rule of thumb these should not be cashed-in early and certainly not before seeking advice from a suitably qualified financial adviser

Basically it is any item that is not firmly attached to the house that is counted as a moveable

Personal loans are repayable monthly