Barclays Secured loans are loans that are taken out whereby your property is offered as security for the loan repayment this means if you get into difficulty paying the loan back the bank can use the security as a means to get their money back, unlike a personal loan where they have no security other than you personally, secured loans come with a better rate of interest due to the lenders extra backup should the borrower default on the loan repayment, with a personal loan the interest is higher as a result of the banks risk criteria.
A Barclays secured loan can be used for any number of reasons, they offer a cheap way of extracting finance from your home over a long period of time, with monthly repayments just like with your mortgage, you should note that if you sell your house then the loan will need to be paid back, after your mortgage balance is deducted from the proceeds then the secured loan is paid back and then the balance goes to you, many people use a secured loan as a way of releasing equity from their home, for any number of reasons, buying a car, home improvements, a wedding unexpected financial commitments you can spend the money as your choose, even paying off expensive credit card debt and replacing them with one low monthly repayment can make your financial outgoings more manageable in the long term.
Secured loans are offered by most high street lenders however they are not always the best option and as such compare all lenders as their are many more other than high street banks, who could offer longer periods in which to pay of the loan and also more competitive rates, you could also consider a bridging loan if you only require the funds for a short term of up to 24 months also with a bridging loan it is totally non status, where as a secured loan needs the same checks as if you were taking out a traditional mortgage.
As a leading broker in the UK we can compare all UK lenders for both secured loans and bridging loans.
Contact us now to discuss your proposal and we can assure you of the very best advice and service, call us now 0800 138 6001 or use the contact form on this page to compare loans.
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