Hot Topics

What is a Bridging Loan?
A bridging loan is designed to help you when you are selling your old home and buying a new one, because it is very difficult to get the timing right.
What is credit scoring?
Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
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
I’m self-employed, am I still eligible?
Self-employed loans used to be difficult to find and expensive. But today, now that more and more people are working for themselves, self-employed loans are widely available and, as interest rates have fallen to their lowest in years, more affordable.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.

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.

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On an unsecured loan you may only have the option on a fixed rate loan, especially if it is a relatively small loan over a short period of time. Many insurers offer this option because it is easy and involves a lot less administration – the monthly repayments are the same for the duration of the loan and everyone knows where they stand. It’s a ‘no-hassle’ agreement for everyone concerned.

If you are taking out a loan over a long term, for example over 25 years, then it is up to you to decide what you think is the best for your money. Interest rates could go up dramatically – in which case a fixed rate loan is an excellent idea. However if interest rates go down you will not be able to make any savings on your loan, and you will be tied with your higher rate of interest.

The option is there for you to decide – and if you are looking for a low risk option then the fixed rate loan will be the best one for you.

 

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.