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Secured Loans explained at Zyra's website
If you own your house, even if you've got a mortgage on it, you can most likely use the equity remaining, to get a Secured Loan. This is something to be careful about, so you should think carefully before you do it. I am cautious about money, but I understand there are sometimes good reasons for getting a loan, for example setting up your own business. Be sensible, though, because you must know if you borrow money you will have to pay it back! Getting a Secured Loan is a serious business, like getting married, or writing your Will; you have to get it right. I'll now try to explain carefully how a secured loan works, and then I'll lead into the procedure to actually apply for your secured loan.
You don't have to listen to what I have to say, and you can go straight to Absolute Solutions Secured Loans if you like. But I think you should hear me out.
To understand Secured Loans, you have to be able to see it from the other person's point of view; if you were going to lend someone some money, you'd want to make sure you didn't lose it. One way to have that "Security" (confidence you're not going to lose out), is to look after something belonging to the person. For example, if you lent someone a fiver and looked after their watch, then if they did a runner, at least you've still got their watch! This situation in itself tends to mean that you (as the lender) are more likely (on average) to get the money back. This is in principle the way Secured loans work, except that it's usually a house, not a watch, and also the mortgage company already has a say in it.
If you have a house worth (say) £200,000 , and you've got a mortgage which is part paid-up and you still owe (say) £90,000 , then it could be said that there is £110,000 of tangible asset, or Equity, which you have claim to. Some companies will consider lending you some money based on that. That's what a Secured Loan is. It's an arrangement by which you can borrow money against the remaining equity in your house.
Well isn't the mortgage company going to have something to say about that? Yes. They have to give permission, but if the lenders are a reputable company and the whole deal is honest and above-board, they'll most likely not have any objection. It's only fair that the mortgage company gets a say really, as they don't want to end up in an unseemly argument with another company about who gets which part of the house in the unlikely event that you can't pay. Of course you don't want to lose your house, so, all being well you will repay the money and everyone will be happy about it.
Now here's what the helpful people at Absolute Solutions say about their secured loans offer:
"If you're looking for a loan for any purpose come and talk to us about your requirements. Whether you're considering a secured loan or Re-mortgage, we could help you find the best loan with the lowest interest rate and the most preferential terms available to suit your individual circumstances. You may need to arrange a loan for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft. Whatever you need to loan the extra money for we will be happy to listen. Your loan can be for any purpose and your application will be processed quickly to ensure your loan is granted as soon as possible. Once your loan is granted you are free to spend the money on anything you wish.
The application process is FREE, simple and broken down into four stages:
1) Complete the application form & submit your details (we will call you within 24 hours)
2) We source from our panel of lenders the best deal available to you
3) We call you with either an approved in principle quote or if the application is unsuccessful we will discuss alternative methods for obtaining further finance.
4) Once you have agreed to proceed our chosen underwriter will contact you to confirm the process and timescales involved in getting the loan completed.
Do you qualify?
YES is the answer. Even if you:
1 Are Self employed
2 Have CCJ's & Defaults
3 Have up to & more than 6 months mortgage arrears
4 Are still in pre-emption (Ex-Council properties)
5 Need to borrow up to a 125% of your properties value
6 IVA (Involuntary Arrangements)
7 Are Bankrupt
8 Want a Equitable charge
9 Have another Home Owner loan
10 Are looking for interest only repayment
11 Have a Buy to Let property
Or even live in Houses, Bungalows, Flats, Maisonettes, none standard construction, low/poor value properties etc
Benefits of a Secured/Home Owner Loan
1 No high ERC (Early
Repayment Charges on your Mortgage)
2 Completion time 2 4 weeks
3 Loans from £5,000 to any amount
4 We pay for your Valuation
5 No upfront fees to you
6 Loans over 25Years
Questions & Answers
How much can I borrow?
This will depend upon your income and the amount of equity within your property. Some plans enable you to borrow up to 125% of your property value. Loan amounts are available from £5,000 to any amount.
What if I already have defaults, CCJs or mortgage arrears?
We have many lenders on our panel offering a diverse range of plans. This enables us to arrange finance for people in some of the most difficult circumstances.
Over what period of time can I spread my loan?
This is usually entirely up to you. Generally loans are available from three to thirty years.
Is the application confidential?
Absolutely. Your loan application is treated in the strictest confidence. We will not contact your employers, bank or any other third party without your prior permission.
Are any restrictions placed on how I can spend the money?
No, you can usually utilise the money for almost any purpose. Perhaps you want to pay off all your higher rate credit leaving you with just one manageable monthly payment. Alternatively you may wish to carry out home improvements, purchase a car, caravan, boat, conservatory or perhaps take a holiday!
Wherever possible the money is yours to spend as you wish.
What if I want to settle the loan early?
Loans of up to £25,000 are governed by the Consumer Credit Act and a rebate will be given in accordance with the Consumer Credit (Early Settlement) Regulations 2004. The calculation varies between lenders for loans in excess of £25,000. Your dedicated Underwriter will be happy to discuss early settlement with you once a lender has been selected.
What if I want to move house?
Simply pay the outstanding loan balance from the proceeds of the sale or alternatively we may be able to transfer the loan to your new property.
What if I want to borrow more in the future?
Simply telephone our office and we will gladly supply you with a quotation for a further advance.
How long will the loan take to arrange?
The whole process usually takes two to four weeks dependent upon a number of factors including how quickly you can supply us with the documentation required to complete your loan.
What if my circumstances change - or if I have other questions?
As a customer of ours, you are never left without good advice. You can speak to our trained staff who draw on extensive experience of helping homeowners like yourself. So you may rely on prompt and sensitive help.
Is it safe to apply on line and will the personal details I provide be secure?
It is extremely safe to apply on-line as our web site, your details cannot be viewed by any unauthorised third party.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THE ACTUAL RATE AVAILABLE WILL DEPEND ON YOUR CIRCUMSTANCES. LOANS ARE SECURED ON YOUR HOME"
As you can guess, I have quoted the material verbatim from Absolute Solutions, with permission, as I am an affiliate! I am happy to quote this information, although I take a more cautious line, and I'd advise against borrowing 125% of the value of the property, or spending the money on a holiday! However, what you do is up to you.
One of the wise things to do with a loan is to use it to pay off credit cards debts in full. A secured loan on a property is at a much better interest rate than credit cards, so it may be a good idea.
Now about the application for the secured loan. If you're interested, the link is coming up next. If you'd like to go for it, you'll be asked a few questions which take some thinking about. You need to have a good idea approximately how much your house is worth, and if you've got a mortgage how much you have remaining to pay. Also, how much money do you want to borrow? Let's be sensible about this; if you want to borrow a million pounds, you should at least have assets such as a house worth at least a million pounds! Also, as this is a realistic business proposition, you should have some idea how long you expect to take to pay off the loan. Various loan periods are possible. There's also the option of taking out insurance on the loan to cover yourself against unforeseen eventualities.
Bearing in mind these important issues, here's the link. Good luck!
Link Here To Go To The Place!
It is a free, no obligation quote, and the affiliate program is an Independent Affiliate Program. The new flag of Absolute Solutions is Frontier Finance. Now as well as the helpful information request at the website there is also the option of the Debt Solutions Phone 0845 6185331 where you can phone to find out what can be done. Good luck! If you are asked "Where did you find out about Absolute Solutions Secured Loans?", you can say you found out from ZYRA!Note: Absolute Solutions has now been replaced by Frontier Finance, so the links to http://www.asloans.co.uk/zyra.php has been replaced by http://www.frontier-finance.co.uk/zyra.php in this page.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. THE ACTUAL RATE AVAILABLE WILL DEPEND ON YOUR CIRCUMSTANCES. LOANS ARE SECURED ON YOUR HOME.