UK FINANCE INFORMATION

If you are considering a UK Personal Loan, UK Secured Loan, Unsecured Loan, UK Loan for Tenants or a UK Mortgage or Remortgage then the following information should be helpful to you.

A selection of different types of UK Finance products:
Secured Loans:
A secured loan is sometimes it is called a Homeowner Loan because you must be a Homeowner to take out a secured loan. Your home is used as security, hence the name, meaning you will be able to borrow more and at a better interest rate than Non-Homeowners.
However, you will not be able to borrow more than the value of the property including any other current credit on the property. Also if you default and fail to keep up repayments on a loan secured on your home then home is at risk.
...see our Secured Loan Directory or complete a Secured Loan Enquiry Form

Unsecured Loans:
An Unsecured Loan is for homeowners and is not the same as a Tenant Loan. You must be a homeowner to take out an Unsecured Loan. Initially you are not using your home for security and therefore the loan would be unsecured so interest rates would not be as low.
However, the point you must remember is that if you default and fail to make your loan repayments then the debt after court action will be added to the property. This means that if or when you sell your home, any profit you make must repay the unsecured debt.

Tenant Loans:
A Tenant Loan or Non-Homeowner Loan is for any kind if Non-Homeowner. So if you are a private tenant, council tenant, housing association tenant, living in rented accommodation or living with your parents. Because you have no home usable for security interest rates will be higher than a Secured Loan.
However, if you default and fail to make your loan repayments then your credit rating will show this making it harder to get any further lending.
...see our Tenant Loan Directory or complete a Tenant Loan Enquiry Form

Mortgages:
There are 3 main types of mortgages and the rest are just variations of the 3.
A variable rate or tracker rate mortgage means that the interest rate on your mortgage will go up and down mirroring the Bank of England Base Rate.
A fixed rate mortgage sometimes called a discount rate mortgage is what it says. The rate will not go up or down with the Bank of England Interest Rate changes. This type of mortgage commonly as a lock-in penalty clause meaning you must keep the mortgage for 3 to 5 years or pay a fee to get out sooner.
A capped rate mortgage means that like a variable mortgage the interest rate can go up and down but not above a capped rate say 7.5% for example. Again this type of mortgage usually as a lock-in clause
...see our Mortgage Loan Directory or complete a Mortgage Enquiry Form

Remortgages:
A Remortgage will be similar to the 3 main types above except to remortgage you must already have a home hence the term (re)mortgage.
The main purpose of a remortgage is to allow you to use or release equity within your current home. You can remortgage with the sole aim of reducing your monthly repayments by extending the repayment period by 5 years for example. Most lenders use their equity to pay off debts, do home improvements like an extension or conservatory or that dream holiday.
You will have gained equity in 2 ways: by an increase in their property value and so circumstances allowing can increase your mortgage or by having paid back your mortgage over a number of years allowing you to take out a new mortgage (a remortgage) for say the same amount you previously borrowed.
...see our Mortgage Loan Directory or complete a Mortgage Enquiry Form

Although we are information biased, we do have 3 user friendly enquiry forms for Secured Loans, Tenant Loans and Mortgages. We DON'T however use words like cheapest, lowest, best or guaranteed to try and get you to complete an application form. We DO say that completing our enquiry form will bet you a competitive quote to match your individual circumstances with repayments you can afford.