Money Matters

How to make the most of you money

Why I chose a secured loan

I was looking into whether I should get a secured or unsecured loan when I needed to replace the boiler in my house.

A secured loan is one where the  loan is secured on an asset, such as your house, which can if necessary be seized if the borrower  makes default on his payments. One of the most common type of secured loan is a mortgage . Usually a mortgage is used to buy a property for instance a apartment, however loans can be secure on a property for many varied types of purposes.

The particular biggest advantage  to the borrower of a secure loan is that secured loans usually attract a more attractive rate of interest - often just a couple of percentage points above the bank of England base rate. The advantage to the lender is that should the borrower default  on payment or perhaps cannot pay, they could  start legal proceedings for the house or other safety to be sold and the profits of the selling applied to paying off the debt. Thus it is really important that anyone taking out a secured personal loan should be 100% certain that they’ll be able to meet the instalments.

It is plain to see that the big drawback with secured loans is that your  home, property or perhaps assets that your  loan is secured in may be  at risk if you fall ill and cannot meet the repayments. To  make certain that there will be an adequate amount of money to meet the debts, often mortgages are cheaper than 100% of the value of the particular asset. It truly is a good idea to have payment protection insurance in place so that if you are unable to work through ill health or being made redundant, your payments are still going to be paid.



Building societies and banks generally offer both secured and unsecured loans. The exact figures can vary but by and large they will agree to secured loans regarding amounts  over £5, 000 and then for periods over 5 yrs. For this reason secured loans are usually particularly  suitable for bigger expenses  such as major house repairs.

The particular bank or building society will keep in mind a number of things in vetting your loan application. They will look at your credit payment history, your residence and job history and may also look at your capacity to pay off the loan

orphanblack:

manningss:

the fact that the cast and crew are always thanking the clone club for every award the show and/or cast wins makes me really really happy. we love you guys. bless this show.

The cast and crew LOVE #CloneClub. We found some evidence in the writers’ room today.

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We also found Fee’s fur trimmed bicycle riding helmet and felt OBligated to post.

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