Am I Eligible To Apply Can For Secured Loans?

Secured loans, as tis obvious by the name, are clearly granted only available if strong colatteral is provided by the loan applicant , and the security is usually the residential first property although secured loans are also available on buy to let property at a tighter loan to value.

In general, those considering secured loans apply for the loan at the property where they reside, but secured loans can sometimes be secured on a property which the applicant owns but does not in general stay in, but rents out to a third party such as in the case of a buy to let property, and there are even secured loan lenders willing to grant secured loans, otherwise called homeowner loans, secured on a holiday home or other type of second home.

This is different from one secured loan provider to another and therefore the best thing to do is to find out before applying, as you do not want the disappointment of a refusal in the future.

Secured loans are also often referred to as homeowner loans and this is because only homeowners are eligible to apply.

Why secured loans otherwise homeowner loans have low interest rates is because these loans are fully secured, making them very low and reasonable methods of achieving the funds you want.

Therefore for homeowners needing money to fund large purchases, their first consideration should be secured loans, and they should set about finding out if they fit the underwriting.

The first thing to take into account is the amount of equity on a property.

There is talk that a new lender is coming into the market prepared to grant secured loans at 90% LTV, but at the present moment the best equity margin is 70% for the self employed and 10% more for those in full time employment.

When a person wants a secured loan and frequently changes his employment, he will not be able to apply for secured loans as one needs to be in ones present job for a minimum six month period and all employment details dating back two years are required.

Those who are self employed , unlike before the recession, needed to produce two years accounts or an accountants certificate as proof of their earnings which was different from three years ago when they were able to declare their own net profit without any additional back up proof.Now Link Loans have introduced self employed loans on a self cert basis.

The lowest income multiplier is 40% which must be enough to pay all financial outgoings each month.This means such things as personal payments, credit card repayments, etc.

Homeowners eligible for these low interest secured loans should always makes them their first consideration when they need additional finance.

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