Will Demand for Secured Loans in Birmingham Follow the UK Trend?

Tuesday, December 23rd, 2014

Consumer demand for secured loan lending in the UK has grown month-on-month for the last three years representing in some instances, almost a 100% increase over that same period.

In many cases, the reduced appetite of some major banks and mortgage lenders to lend extra money to existing customers has been counterbalanced by the comparatively competitive interest rates and the flexibility of lending criteria being offered by some secured loan lenders which means that they, in turn, can assist more prospective borrowers.

Another less obvious contributory factor would appear to be the ever increasing number of people who, whilst seeking to raise finance, are looking to keep their current mortgage deal either because they are tied into their current rate or perhaps because they still wish to retain their current very low mortgage rate.
Secured loans can generally be used for any purpose, the most popular reasons being credit consolidation (something which is not always acceptable to some mortgage companies), home improvements and car purchase. Credit consolidation allows the borrower to repay existing credit at the same time as raising extra money for another purpose which can often result in reduced monthly payments, although of course, other important factors need to be taken into consideration.

Secured loans in Birmingham are available if your circumstances are appropriate

Additionally, for those consumers who are self employed, or have an adverse credit history or maybe even recently changed circumstances, a Secured Loan could be represent a really useful solution.

Whilst every case is looked at on its own merits, what security is likely to be required?

Typically, these loans will require you to use either your main residence or any buy to let investment property you may own as security. If you do own multiple properties it is possible you may be able to arrange a loan on each of them, subject to the loan repayments being affordable.

Does this sound like something that might be right for you?

Caboodle Finance, For Secured Loans in Birmingham

For more information on secured loans, call Birmingham’s Caboodle Finance today on 0121 308 9114 or click HERE to contact us by email.

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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. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

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

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

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