Secured and unsecured loans

Secured and Unsecured Loans can sometimes be a better alternative to taking out additional funds on your mortgage.

A secured loan can be taken out by home-owners as the loan is secured on the property. It can be ideal for you if you are trying to raise a large amount, are having difficulty getting an unsecured loan or have a poor credit history. Unsecured loans are not secured against property, so they are also available to non home-owners, and are normally set over a shorter term.

We can help you obtain secured or unsecured loans for almost any purpose, among the most common uses for such loans are:

Debt Consolidation – For those with existing debts looking to amalgamate these into one manageable monthly payment.
Home Improvement Loan – To improve the family home, either structural or more cosmetic (eg: decorating)
Access to capital for a major purchase – Whether for a new car, a special holiday or just to improve your lifestyle, a loan may be preferable to adding to your mortgage.
Home Loans – For those wanting to obtain a loan secured on their home, this is often selected as a way of obtaining quick release funds with a longer term loan in mind.
Home Equity Loan Refinancing – For those who are ‘loan switching’ from existing home loans and using the equity within their home to consolidate previously unsecured debt, a home equity loan may be suitable. The home equity loan rate depends on the amount borrowed and your personal circumstances.

If you fall into any of the categories above – or even if you don’t - LET THE MORTGAGE MONKEY DO THE SEARCHING FOR YOU!

Here’s how The mortgage monkey can help YOU

We can help you find a loan - from relatively small loans, starting from a few thousand, up to those larger sized loans - for any purpose!
We can an arrange a variety of repayment terms to suit your requirements and personal circumstances.
If you are not a homeowner, or you own your home but have no equity – let us see if we can help!
Many loan calculators offered by individual loan companies can often be misleading, only offering an indication as to the size or monthly amount payable. The mortgage monkey’s LOAN CALCULATOR will provide you with the amount payable over a given term at a given interest rate. [click here]
You should always think carefully about arranging a loan, especially one secured on your home. The mortgage monkey’s advisers can offer sound, impartial advice to help you make the right decision for you.

The lending criteria amongst lenders vary depending on the loan requirement and the applicant’s circumstances. We can help assist you obtain the right secured or unsecured loan for you.

Any fees, whether payable to us or to the provider, will be discussed and agreed with you before any chargeable work is undertaken (refers to loans only).

Secured Loan Vs Unsecured Loan – Things to consider

You can borrow over a longer period with a secured loan than a unsecured loan
You can borrow more with a secured loan, depending on your property valuation
Lenders can be more flexible when underwriting a secured loan than an unsecured loan - making it more likely you'll get a loan.
With a secured loan, some lenders will offer flexible terms, including overpayments, payment holidays.
Unsecured loans can offer quickly arranged finance.
The rate under a secured loan is generally lower than that of an unsecured loan as the lender has a security backing their loan. Unsecured loans have a higher interest rate as the provider has nothing to secure their loan upon. The risk of someone defaulting is therefore greater as they have no assets secured to pursue if you default on the loan.

Loans Vs Re-mortgages – things to consider

Unsecured Debt Consolidation loans offer you the chance to reduce your monthly payments (possibly over a longer term of loan) without putting further risk to your family home.
Homeowners wanting to raise money for new purchases (eg: new car, home improvements, etc) often find that re-mortgaging to raise the money is cheaper than taking out personal loans or using credit cards. This is because interest rates on mortgages generally offer significantly lower interest rates than those available on personal loans.
If you are replacing short-term debts like personal loans, which are typically repaid over five to ten years and at a higher interest rate, with a long-term mortgage debt, ideally at a lower interest rate, The amount payable over the term of your mortgage may well mean that you actually pay more for your debt than you would have if you had continued with the payments until the end of the shorter existing term.

Think carefully before securing other debts against your home….

Just as your home may be repossessed if you do not keep up repayments on your mortgage, the same goes for any other type of loan secured on it.