Secured Loans from Libra Finance UK

 

Many UK residents prefer to apply for secured loans rather than personal loans, simply because they get a far better rate of interest and pay a far lower monthly fee. For example, a secured loan of £10,000 could cost you around £110 per month, whereas a personal loan for the same amount might cost three to four times as much. This type of loan can be an effective way to consolidate lots of smaller debts, thus minimising on interest charges, or getting money for home improvements, holidays, a car etc.

I'm a home owner / mortgage payer*

If you own your house or are the mortgage
payer, then you may be able to benefit from
low monthly repayments...

I'm a tenant or renter

If you don't own your own home or pay a
mortgage, then we can still help with a loan
of up to 15k.

 

Secured loans can be paid over a far longer period, generally from 3 to 25 years, and longer the repayment period the less you’ll pay each month. However, you should remember that this type of loan is secured on your home and so failure to keep up repayments on these loans can result in you losing your home.

 

Because of the nature of these loans, only homeowners are eligible to apply for secured loans. By signing a credit agreement for this type of loan you give the lenders permission to force the sale of your house to recover their investment if you cannot make the repayments. This means that the loan is not as high risk to the lender as a personal loan, and you may therefore be eligible to borrow more. If and when you do decide to sell you home, you must pay off the balance of your secured loan from the equity. However, there are some UK lenders that will allow you to transfer the secured loan to your new property.

 

Bearing in mind the risks associated with being unable to meet the repayments on this type of loan, it is always advisable to take out the recommended insurance cover. This will give you peace of mind and protection in the event of involuntary unemployment, critical illness and serious injury (depending on the level of cover you take out). So, if you are unable to work for any of the reasons stipulated in the insurance policy, your payments will be covered.

 

Whether or not you can actually get a secured loan can depend on a number of factors. Firstly, your credit history is taken in to account, although UK residents with a poor credit history are more likely to get secured loans than personal loans because they are using their house as collateral making it a far less risky investment for the lender. Secondly, the current equity on your home will determine whether and how much you can borrow. In most cases the lender will carry out an independent valuation on your home to ensure that it has sufficient equity to cover your loan. Other factors taken into account are your employment status and your annual salary.

Libra Finance UK

a range of loans for any purpose

fast decision from our courteous staff

available up to 2.5 million

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OUR TYPICAL, VARIABLE RATE IS 10.9% APR. RATES RANGE FROM 7.4% APR to 27.60% APR THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.