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Consumer's Guide: The Bank Secured Loan
A bank secured loan is one that is secured against your home or other piece of collateral. This kind of loan offers a lower interest rate than one that is unsecured because the lender perceives less risk with this kind of arrangement; if you don't pay they simply take possession of your collateral.
So, although a secured loan is a desirable option in the eyes of the lender, for you it can be a perpetual nightmare, especially if your money management skills are less than perfect. Perhaps this is why loan companies make it a point to warn potential borrowers about putting their home up as collateral.
What is the difference between release equity and re-mortgage?
A bank secured loan can take several forms. Assuming that you already have an existing mortgage against your property, your loan will be designated as either a re-mortgage or release equity loan. Each form of bank secured loans has its advantages. A re-mortgage at a lower interest rate can save a homeowner thousands of dollars in interest over the life of the loan, usually in the form of small percentage points. However, with this kind of bank secured loan there are other costs involved, including survey costs, valuation costs, and solicitor fees. Also, a re-mortgage will usually extend the life of the loan.
On the other hand, there are advantages to obtaining a bank secured loan through releasing equity, or adding a second mortgage on top of your first bank loan. One advantage is that there are no up-front fees. And, this kind of bank secured loan can release up to 125% of the equity that is in your home and property.
Finally, with a release equity loan, you can use the money you receive for whatever you wish. You can buy a vehicle, consolidate bills, go on holiday or complete home improvements. Repayment will be spread over a period of three to 25 years. Keep in mind, however, that if you choose not to consolidate your new loan with your original mortgage, you will have two payments due each month instead of one.
How do I decide what kind of bank secured loan to apply for?
There are many things to consider when choosing the best kind of bank secured loan for your needs. Ask yourself whether you need money immediately to pay off other loans, or if you can use the savings over time. Consider also the risks and hidden costs of each kind of bank secured loan.
The re-mortgage loan involves a number of up-front fees that can substantially reduce your overall savings, and the release equity option, while offering the appeal of immediate cash, can disappear overnight with a little bit of bad luck, leaving you with more debt than you started with. With a little bit of strategic planning, you can realize instead the benefits of obtaining a bank secured loan, which include a more secure financial future and a better credit standing.
About The Author
John Mussi is the founder of UK Personal Secured Loans who help homeowners find the best available loans via the http://www.uk-personal-secured-loans.com website.
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