A property in UK is the most costly asset that a person can possess. The rate of property is rising exponentially with each passing day. In last eight years, the rate has become approximately double. People who have a mortgage on their property can again apply for a secured loan to deal with the financial urgencies. In case of the secured personal loan the lenders advance you funds by releasing equity on your property.
Suppose you have taken £100,000.00 mortgage on your property in 2004. At that time, the valuation of your property was £115,000.00. For last four years, you have repaid around £20,000.00 to the lenders from your principal. According to the present valuation of 2008, the price of your property is 130,000.00. Therefore, the equity on your property is current value £130,000.00 subtracted by principal balance outstanding on your mortgage £80,000.00. Which is equals to £50,000.00.
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According to the above calculation, you are eligible to release equity of £50,000.00 as the Homeowner Loan. The lenders sanction up to 90% of the equity as secured personal loans. Only in case of the fresh graduates, it becomes 95%. The rate of interest is lower for these secured loans.
The lenders register their own charge in the land registry on your property. The cost of valuation needs to be shared between you and the lending organisation. After the valuation and other searches are done, it takes a couple of days to draw down the loan into your account.
The lenders set up a direct debit on your bank account. They collect the repayments directly from the bank. The loan term varies according to the scheme which you are interested in. the maximum term allowed for an interest only repayment type is 40 years.
If you want to apply for a secured personal loan, just dial the lenders phone number provided on the website. The lenders have their 24x7 helpline to assist you in times of your need.
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