After a recent meeting with David Allan at secured loan brokers Lending Expert we've learnt that the secured loans market has seen good growth in 2013 filling in a gap in the mortgage market.With cheap rate SVR - standard varible rate mortgages, and many home owners still on their interest only mortgage - people are turning to secured loans to raise money with their home as security.
Nemo loans have one of the cheapest rates on the market for those with a good credit rating at 5.7% APR. Shawbook Bank offer buy to let landlord a loan product for releasing equity on their portfolios.
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Secured loans used to be only for those who couldnt get a personal (un-secured loan) with the main stream lenders. However, right now they are proofing to be a popular choice for many who need an alternative to re-mortgaging.
Secured loans can be used for almost any purpose:
- Home improvements
- Debt consolidation
- Car purchase
- Pay for weddings, school fees or any unexpected expense
David Allan has said "right now there are some good secured loan products for those who want to consolidate existing more expensive debt into one monthly replayment". For those who struggle to get a normal main stream loan then using your home as security means you can often get approved for a loan and at a better and more affordable rate of interest.
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