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Secured loans – Defeat the debts

It’s no secret that the results of the pandemic and the more recent cost of living crisis have left many of us seeking alternative ways to afford the essentials, and for a lot of us that has meant extending overdraft facilities, obtaining credit cards and securing store credit options. But these multiple debts can mount in interest and become difficult to juggle, so what then?

There are many options when it comes to rectifying debts, all best discussed with a qualified adviser, but we’ve focused on secured loans as a means to consolidate your debts here. How could a secured loan work for you?

What is a secured loan?

A secured loan is used to pay off the existing debts and leave you with just the secured loan to repay, meaning all of your individual debt repayments will simplify into one single debt that can make it easier to keep track of debts and its easier to make repayments when managing cashflow.

What are the benefits of this form of debt consolidation?

  • Debt consolidation may also allow you to take advantage of lower interest rates, by switching higher interest loans into one lower rate loan.
  • If you find organising and remembering to make multiple payments confusing, this can help streamline the process, as you’ll only have one payment to manage.
  • Having an easily-manageable payment can help you safeguard your credit score, as you may minimise your chances of missing a repayment.
  • Having a single payment can help you budget, as you’ll know exactly how much you’re paying back every month.
  • A home owner loan (also known as a secured loan) is borrowed against your home, so you may still be able to borrow if your credit rating isn’t perfect.
  • Can help you improve credit scores by maintaining regular payments.
  • Home owner loans can last for ten years or longer. A long repayment period allows you to spread out the monthly payments.

As always, we suggest speaking to a qualified adviser to discuss whether a secured loan would be suitable for your needs, we can look towards other suitable options too and work together to help you and your finances.

SPEAK TO AN ADVISER

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

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Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


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