UK Homeowner Secured loans

Flexibility within the loan agreement
If you would like some flexibility in your loan agreement, make sure you arrange this before you sign on the dotted line. You may be able to arrange occasional over-payments and lump-sum payments, both of which allow you to clear the debt over a shorter time period than first agreed. If your secured loan or unsecured loan is a truly flexible product then you may also be able to use the fund as a bank account, withdrawing funds from the account on a rolling basis, providing you stay within your credit limit. Lenders also offer repayment holidays, allowing you to defer your monthly cheap loan repayments either at the start of the loan (known as 'deferred repayment') or at an agreed point during the term.

Interest on the loan
You are charged interest on the amount you have borrowed with the loan – it is a percentage of the borrowed amount which accumulates over the period of the agreement. Interest rates on loans vary from 7% up to 20%. The interest rate will be included in the APR. This stands for Annual Percentage Rate, and includes the administration cost of setting up the mortgage, any discount periods, how often interest is calculated and also calculates what the average rate of interest will be over the life of the loan. To comply with the consumer credit act all lenders must ensure that the borrower is informed of the APR (the annual percentage rate on the loan).

Fixed or variable interest Loans
The APR can be a fixed or variable charge. A fixed APR has the benefit of added security since the rate will not change, a variable APR does not have this security but could reduce the cost of your total payments if interest rates go down.

HINTS AND TIPS WHEN TAKING OUT A SECURED HOMEOWNER LOAN IN THE UK
Look at the small print - although the loan with the lowest APR is one factor that contributes to a cheap loan, you should always pay attention to the small print as any additional costs will be found there. If at any stage you need further information about your UK unsecured loan or secured loan application then talk to our advisers, remember once you submit your loan application you still have a 'cooling off period' which enables you to cancel your secured loan or unsecured loan application.

Never borrow more on a loan than you need - you will only pay more back in interest - the more you borrow on a loan the more it costs you.

Only ever make one loan application at a time – even if you don’t take the offer up all the loan applications will sit on your credit record, and will not look favorable for future finance applications.

Consider loan insurance and protection – if you lose your job, have an accident or become sick, you will still have to make your repayments in full so it’s a good idea to take out loan insurance, especially if the loan is secured on your home (A secured loan). We offer a huge range of income protection products, if you would like more information on how to protect your loan then click here

Stay in control - make sure you know exactly what the monthly loan payments will be, and how much you will pay back in total.

Everyone’s different - lenders calculate the total cost of a cheap uk loan (APR- both for secured loans and unsecured loans) in different ways, so try and get some understanding of the formulas they use.

Compare like for like – the low monthly interest rates for loans in shop windows may look lower than the yearly APR in another, but the only way to find out is to carry out full calculations for both offers.

Check out the alternatives - you may be able to get a better deal on a home improvement loan by going to your mortgage lender rather than taking out a secured loans or even an unsecured loan.

As one of the UK's leading online finance and insurance providers, we offer a wide range of loans, these can be seen below, if you would like to go directly to a particular loan section then click onto the site search button at the top of this page and type in the loan that you are looking for.