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Hot Topics
- What is a Car Loan?
- There are three different types of car loan. We have covered them here to make you aware of the options open to you when seeking a car loan:
- What is an unsecured loan?
- An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
- What do you accept as income?
- When you apply for a loan you will have to state your regular income.
- What if I want to pay my Loan off early ?
- Before agreeing to your loan, read the terms and conditions of the agreement. Some loans allow you to pay your loan off early without any penalties, however, some don't.
- 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.
What if I already have a mortgage or loan secured on my home?
It is possible (indeed common) to have more than one mortgage or loan on your property, as long as there is sufficient free equity in the property to secure the loan.
In theory, you can have as many personal loans as you want up to the value of your property, and while the housing boom continues and the price of your property increases, you will be able to borrow more and more against it.
Every time you want to take out another loan, you will need to have your property professionally valued so as to provide legal documentation of the amount you can safely borrow against your property. How many loans you get is up to you, but the more loans you take out the more complicated your finances will be. It may be worth considering a debt consolidation loan to bring all your payments together, then it will be easier to keep to the repayment schedule and ensure that all your creditors are happy.
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.
- Mortgage defaults or arrears ?
- Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
- What happens if i am suddenly injured or taken ill ?
- If i decide a personal loan is best which type of lender is best ?
- What is a tenant loan ?
- What does it mean if my personal loan offers cashback ?
- Can I borrow again in the future?
- In what circumstances should I consider taking out a personal loan?
- Will the loan company contact my employer ?
- What do you accept as income ?
- Should i get personal loan payment protection insurance ?
- What if I want to pay my Loan off early ?
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