Create Your Ideal Home With A Secured Loan

People who want to improve their property should consider using some of their home's equity as a means to fund their dreams – it's safe, sensible and even if you don't aim for it, it may make your property more valuable.

In fact, not many people look to invest in their home to increase it's value – according to Shelter, 74% of people who dream of improving their property want to create the ideal home rather than increase its value.

The charity says just 8% of people were aiming to make their home better to improve its value. This is unsurprising – people want beautiful places to live first and foremost – but it might be likely that property price improvement is an unintended side affect of a good home improvement.

Campbell Robb, chief executive of Shelter, says: "This survey reveals that homeowners are almost ten times more likely to want to create a better home than merely increase its value, showing that home is so much more to people than just a financial asset."

Shelter says kitchen extensions were the most popular home improvement, closely followed by conservatories and attic conversions. These are expensive, but by unlocking some of your home's equity they are affordable. And they will increase your home's value – so, with a bit of planning it might be that your dream home improvement doesn't cost you a lot in the long run because the increased value will pay for some of the subtracted equity.

To find out whether you can use your home to fund your dream home improvement, talk to a mortgage adviser. And with a good plan, some sensible decisions and some sound advice you may find that your dreams are cheaper than you first thought.

SOURCE: Shelter, 19/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

How Can Your Home Equity Help You Plan For Retirement?

If you think it is time to plan for your retirement it might be worth talking to a mortgage broker about your largest asset – your home.

None of us are getting any younger, and these tough economic times have just hammered home the fact that we all need to set provisions aside for our later years – and thankfully it is happening. Legal & General says almost one in three people say they're thinking of saving for retirement.

Claire Evans, L&G unit trusts marketing director says: "It is encouraging to see such a healthy rise this year in the number of people thinking about saving for their long-term retirement income, particularly in the younger age groups.

"We all appreciate the importance of starting saving as early as possible. I can't stress highly enough that the sooner we start saving the better."

So if you want to work out what to do with all your assets, talk to a mortgage adviser about your largest asset. While you may need to set aside money for a pension, you need to discuss your options when it comes to your home's equity.

In years to come it might be necessary to unlock some of that wealth or even downsize your property – but it's good to get an idea of what could be today.

SOURCE: L&G, 12/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Create Your Ideal Home With A Secured Loan

People who want to improve their property should consider using some of their home's equity as a means to fund their dreams – it's safe, sensible and even if you don't aim for it, it may make your property more valuable.

In fact, not many people look to invest in their home to increase it's value – according to Shelter, 74% of people who dream of improving their property want to create the ideal home rather than increase its value.

The charity says just 8% of people were aiming to make their home better to improve its value. This is unsurprising – people want beautiful places to live first and foremost – but it might be likely that property price improvement is an unintended side affect of a good home improvement.

Campbell Robb, chief executive of Shelter, says: "This survey reveals that homeowners are almost ten times more likely to want to create a better home than merely increase its value, showing that home is so much more to people than just a financial asset."

Shelter says kitchen extensions were the most popular home improvement, closely followed by conservatories and attic conversions. These are expensive, but by unlocking some of your home's equity they are affordable. And they will increase your home's value – so, with a bit of planning it might be that your dream home improvement doesn't cost you a lot in the long run because the increased value will pay for some of the subtracted equity.

To find out whether you can use your home to fund your dream home improvement, talk to a mortgage adviser. And with a good plan, some sensible decisions and some sound advice you may find that your dreams are cheaper than you first thought.

SOURCE: Shelter, 19/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

How Can Your Home Equity Help You Plan For Retirement?

If you think it is time to plan for your retirement it might be worth talking to a mortgage broker about your largest asset – your home.

None of us are getting any younger, and these tough economic times have just hammered home the fact that we all need to set provisions aside for our later years – and thankfully it is happening. Legal & General says almost one in three people say they're thinking of saving for retirement.

Claire Evans, L&G unit trusts marketing director says: "It is encouraging to see such a healthy rise this year in the number of people thinking about saving for their long-term retirement income, particularly in the younger age groups.

"We all appreciate the importance of starting saving as early as possible. I can't stress highly enough that the sooner we start saving the better."

So if you want to work out what to do with all your assets, talk to a mortgage adviser about your largest asset. While you may need to set aside money for a pension, you need to discuss your options when it comes to your home's equity.

In years to come it might be necessary to unlock some of that wealth or even downsize your property – but it's good to get an idea of what could be today.

SOURCE: L&G, 12/04/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Afford A Car Through A Secured Loan

The tough economic environment has meant many people have put off those expensive buys but it might be getting to a point where you need, rather than want, to pay out a big purchase – and it might be time to use your home's equity to get by.

One such big expense might be a car. You may have gone through the last year or so crossing your fingers each morning, hoping your old car would not die. But sometimes you have to admit defeat and seek out a newer mode of transport. But you are not alone – the latest figures from the Sainsbury's Finance has found a sharp increase in the number of people planning to buy a car in the six months to August this year.

It has found a 47% increase in the number of people planning to purchase a brand new, used or pre-registration car. 7.56 million people anticipate doing so between March and August this year compared to just 5.14 million people in the six months to February 2010. Sainsbury's says this is a collective spend £49.1bn in the coming six months.

That's a lot of money. For most people, finding maybe £5,000 or even £10,000 to buy a car might be a stretch. Steven Baillie, head of loans at Sainsbury's Finance, says: "There are obviously concerns that continued financial instability as well as uncertainty over the coming election will put people off buying new or used cars."

But in this day and age a car is a necessity and without it your life would be impossible – getting to work, getting the kids to school, getting to the supermarket – it's a big spend, but it's a need more often than not.

If you need to splash out thousands in the next few months, talk to your broker about using some of your home's equity to fund your new car. It's a sensible way of raising much-needed money and it needn't cost you the earth to pay it back.

SOURCE: Sainsbury's Finance, 30/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Afford A Car Through A Secured Loan

The tough economic environment has meant many people have put off those expensive buys but it might be getting to a point where you need, rather than want, to pay out a big purchase – and it might be time to use your home's equity to get by.

One such big expense might be a car. You may have gone through the last year or so crossing your fingers each morning, hoping your old car would not die. But sometimes you have to admit defeat and seek out a newer mode of transport. But you are not alone – the latest figures from the Sainsbury's Finance has found a sharp increase in the number of people planning to buy a car in the six months to August this year.

It has found a 47% increase in the number of people planning to purchase a brand new, used or pre-registration car. 7.56 million people anticipate doing so between March and August this year compared to just 5.14 million people in the six months to February 2010. Sainsbury's says this is a collective spend £49.1bn in the coming six months.

That's a lot of money. For most people, finding maybe £5,000 or even £10,000 to buy a car might be a stretch. Steven Baillie, head of loans at Sainsbury's Finance, says: "There are obviously concerns that continued financial instability as well as uncertainty over the coming election will put people off buying new or used cars."

But in this day and age a car is a necessity and without it your life would be impossible – getting to work, getting the kids to school, getting to the supermarket – it's a big spend, but it's a need more often than not.

If you need to splash out thousands in the next few months, talk to your broker about using some of your home's equity to fund your new car. It's a sensible way of raising much-needed money and it needn't cost you the earth to pay it back.

SOURCE: Sainsbury's Finance, 30/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

40 Million Britons Cut Back As Recession Continues To Bite

Although we are technically out of the recession, millions of people in the UK are still struggling to handle their day-to-day expenses, so are still cutting back as a result.

According to Santander, 40 million people in this country are still continuing to cut back on their outgoings. It says there is has been a recent emphasis on shopping around for good deal on groceries, switching off lights and electrical items, and starting a culture of ‘make do and mend'.

Many people have had to go through the last two years with no pay rise and probably a pay cut while seeing their bills and financial responsibilities grow. This has led them to tighten their belts as far as they will go. While over half of Brits are looking around for the best grocery deals, one in five have started taking their lunch to work – people are being forced to sacrifice so as to be able to afford to pay their mortgage, their loans and their bills each month.

Helen Bierton, head of Santander current accounts says: "Forty million people are still feeling the pinch and trying to find ways of slashing their outgoings to cut back, including starting a ‘make do and mend' culture, buying second hand goods on eBay and in charity shops, or cutting reducing household help and their childrens' pocket money."

One of the best ways to ease the financial burden is to consolidate existing debts into one manageable secured loan. It would give you a little bit extra each month, which would go a long way in making your life easier during these continuing tough economic times.

SOURCE: Santander, 26/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Secured Loan Lending In The Doldrums

New figures have revealed that secured loan lenders has slumped in the first months of 2010 – but that is no reason why you shouldn't consider a second mortgage to help you manage your finances.

According to the Finance and Leasing Association, secured loan lenders lent just £27m in January of 2010, a 27% reduction in lending compared to December 2009. It also found that over the last year second charge mortgage lenders lent just £339m, an 82% reduction on a year earlier.

Fiona Hoyle, FLA head of consumer finance, says: "We have seen a slow start to the year in terms of new business, but affordable credit will play an important part in supporting the economic recovery in the coming months."

There was also some very good news within the figures – direct unsecured lending was down 52% in January across the UK – so while less people opted for secured loans less people saw the need to increase risky unsecured lending also.

While the market for secured loans is certainly muted, there is still money being lent through second charge mortgages. That's money that has gone towards debt consolidation, home improvement and sensible investment – all of which has improved hundreds if not thousands of people's financial situation.

If you think extra money taken from your remaining home equity could help your financial situation, talk to a mortgage adviser about the benefits of secured loans. They are not for everyone, but for some they could be the answer to all their prayers and problems.

SOURCE: FLA, 26/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Risky Personal Loans Become Less Attractive

Even during a extended period of the lowest base rate ever it seems as though lenders are unhappy to offer borrowers unsecured personal loans without a high premium.

One year ago this month the Bank of England ended six months of dramatic rate cuts to try and stave off the effects of the recession, leaving base rate at a record low of 0.5% but that hasn't stopped personal loan rates rocketing.

According to Moneysupermarket.com, the best £3,000 loan over five years has risen by a massive 1.25% on average, to 14.92% over the last year, which is more than double the average rate of 2007. The best £5,000 loan over the same period has also risen on average to 9.08% from 8.88%.

Tim Moss, head of loans at moneysupermarket.com, says: "There was a time that a personal loan was the perfect solution for anyone looking to borrow to buy a car or consolidate existing debts. But the personal loan market has changed beyond all recognition with rates shooting up and borrowing for relatively small amounts becoming uneconomical. The last twelve months has not been kind to borrowers looking for a personal loan and there is little sign of this changing in the near future."

In the past it was personal loans people turned to when looking to consolidate debt or find some extra money. Now people have to consider secured loans instead – lenders are a lot happier to lend on properties that are rising in value than to people without security. Talk to a mortgage lender about using your home to raise the cash that you need.

SOURCE: Moneysupermarket.com, 04/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

Risky Personal Loans Become Less Attractive

Even during a extended period of the lowest base rate ever it seems as though lenders are unhappy to offer borrowers unsecured personal loans without a high premium.

One year ago this month the Bank of England ended six months of dramatic rate cuts to try and stave off the effects of the recession, leaving base rate at a record low of 0.5% but that hasn't stopped personal loan rates rocketing.

According to Moneysupermarket.com, the best £3,000 loan over five years has risen by a massive 1.25% on average, to 14.92% over the last year, which is more than double the average rate of 2007. The best £5,000 loan over the same period has also risen on average to 9.08% from 8.88%.

Tim Moss, head of loans at moneysupermarket.com, says: "There was a time that a personal loan was the perfect solution for anyone looking to borrow to buy a car or consolidate existing debts. But the personal loan market has changed beyond all recognition with rates shooting up and borrowing for relatively small amounts becoming uneconomical. The last twelve months has not been kind to borrowers looking for a personal loan and there is little sign of this changing in the near future."

In the past it was personal loans people turned to when looking to consolidate debt or find some extra money. Now people have to consider secured loans instead – lenders are a lot happier to lend on properties that are rising in value than to people without security. Talk to a mortgage lender about using your home to raise the cash that you need.

SOURCE: Moneysupermarket.com, 04/03/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog