What types of loans are available and how do they differ?
We can arrange unsecured loans for tenants and homeowners, secured loans and remortgages for homeowners. An unsecured loan is a loan that is provided without any security and is therefore ideal for tenants, private or council and those living with friends or family or anyone that does not own property they can offer as security. Interest payments on unsecured loans is generally higher than secured loans because the risk to the lender is greater. A secured loan is one that is secured against property. As long as there is enough equity (the amount of money left after any mortgage or other loans charged against the property would be paid off) then you should be able to obtain a secured loan. As the lender has some collateral the interest payments on a secured loan are generally lower than with an unsecured loan. A remortgage is where you raise money to pay off your existing mortgage lender and you receive the balance. A remortgage is usually the cheaper option as lenders offer better rate
