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What is a Tenant Loan?
If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
Can I have a fixed rate loan?
It is entirely up to you if you want a fixed rate or a variable rate loan – however there are some limits to this.
What if I want to move house during the term of my loan?
Moving house is only an issue if you have a secured loan – as you have borrowed against the value of your house. How your loan company deals with this varies greatly. Some allow you to transfer your loan to your new property, using your
How much can I reduce my monthly payments by with a debt consolidation loan?
It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.

Can I borrow again in the future?

Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.

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Paying a loan or credit back on time and with no arrears will improve your credit rating vastly, and lenders will be keen to offer you credit as they will see you as a low risk borrower. You may also be able to borrow more than you have in the past because your history proves that you can manage a debt well.

If however you gained a bad credit history from a past loan or credit card – you may have more trouble obtaining a cheap loan deal. You will be able to borrow money but you will have to pay higher interest rates with a loan provider that specialises in bad credit customers. If you’re in a secure financial position and know you will easily be able to stick to the repayment schedule, it’s an excellent opportunity to fix your bad credit history. One you have proven yourself to a be a low risk customer you will again be able to get the lower interest rates and more favourable terms that lenders offer those with a good credit history.

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.