Home Loan
Both the FSA and the citizen’s advice bureau have concerns that consumers are not taking correct home loan advice.
As UK Mortgage Adviser of the Year 2005, 2006 and 2007 Worldwide can help by telling you which home loan is best for you. Simply complete the enquiry form or call one of our award winning Mortgage Advisers in confidence on 0845 230 9876.
Read our section on Home Loan Tips, which will help guide you through the issues relating to your mortgage loan.
There is confusion over what a home loan might be.
What is a home loan?
A home loan can be:
1. Personal Home Loan
This is a straightforward personal loan that is unsecured against your property.
Advantages: Missed payments will not mean you lose your home. It takes less time to organise.
Disadvantages: The rate is perhaps not as favourable as a secured loan.
2. Secured Home Loan
This is a home loan that is in addition to your mortgage and will be with a different company.
Advantages: The rates will be slightly higher than mortgage rates but lower than a personal loan. A secured loan is quicker to organise than a top-up to your mortgage but outside of that it has no advantage on a top up to your mortgage loan.
Disadvantages: If you miss payments your home is at risk.
3. Mortgage Loan
Advantages: This is generally the cheapest way to borrow money. You can borrow at a cheaper rate and spread your payments over a longer period of time. This will mean contractually you will have smaller payments but you can then decide to make larger payments when you choose so as not to put yourself under pressure. Naturally if you decide not to use the extra money you are saving to reduce your home loan your debt will last longer and in the long term you will pay more.
Disadvantages: If you miss payments your home is at risk.
It takes slightly longer to arrange than the personal and secured home loan.
As with any mortgage home loan be careful how you consolidate your debt. If you have debts and miss payments the worst scenario is a county court judgement. If you have a home loan secured on your property and miss payments the worst-case scenario is a repossession of your property.
If you seek good advice regarding your home loan, you can then decide whether or not to consolidate to just one payment or keep a loan as an unsecured loan (i.e. your home wont be repossessed if you miss payments).
Complete our enquiry form to see how our mortgage team can assist or call in confidence on 0845 230 9876.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep
up repayments on your mortgage
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