Secured Loans

Data from the Bank of England suggests that secured loans are becoming more popular than ever as people seek to take advantage of the increasing value in their properties to borrow money at the lower interest mortgage loans can provide and the longer repayment periods.

Although they can be secured against other assets, secured loans generally use the home for security, using the level of equity in the home as security. The equity is the market value of the property less any mortgage or other loan already secured against it.

Most properties have seen their values soar in recent years leaving many homeowners with much more equity in their properties than they ever expected to have, but at the same time other costs of living have been rising. In addition to that there is increasing evidence that Brits lust after the life style of the rich and famous, as endlessly portrayed on television and in magazines, and they want a piece of the action.

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A loan taken out as a remortgage comes at a lower interest rate than a regular loan and instead of having to repay over two, three or five years, your remortgage loan can take almost as long as you like to repay – up to 25 years.

In the last three months of 2006 secured borrowing went up to £14.5bn, making it the highest figure for over two years. In some cases the loans were being used to make improvements to the home, which would in turn add even more value to the property. Research suggests that around a third of homeowners would carry out work to increase the value of their property. Another seventy percent expected to a rise in the value of their property within the next twelve months.

Remortgaging is now becoming more expensive as interest rates rise and providers look to make even more by bumping up arrangement fees.

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