Many of us find ourselves in need of a loan at some time or another, and there are all sorts of loans on the UK market these days catering for a wide range of needs, circumstances, and purchases. You can choose from two main types of loan these days, and these are secured and unsecured loans. Within these two categories there are many different loan types, and this includes consolidation loans, home improvement loans, car loans, and more. In order to make sure that you get a good deal on a loan you need to make sure that your compare loans from a number of lenders. (more…)
Archive for the ‘Featured Articles’ Category
Using a UK Loan Broker To Get Finance
Thursday, February 28th, 2008
The Benefits of a UK Mortgage Broker
Thursday, February 28th, 2008For most people a mortgage is one of the most important and largest financial commitments that they are likely to take on, and this makes it all the more important to get the right mortgage for your needs as well as your pocket. It is important to remember that there are many different types of mortgages to choose from and this means that, unless you are familiar with mortgage products, the task of actually finding the right mortgage could be a difficult and time consuming one. (more…)
Is it time to remortgage?
Thursday, February 28th, 2008Having the right mortgage is very important to most of us, as a mortgage is one of the most important, long term financial commitments that we are ever likely to make. Mortgages in the UK are typically taken out over a long period of time, such as twenty five years, and sometimes even longer, and it is inevitable that for many people their needs and circumstances will change over this long period of time. (more…)
Different Types of UK Loans
Thursday, February 28th, 2008The variety of loans available on the market in the UK these days means that many of us should have no problems finding the right loan for our needs, although those with poor credit may face more difficulty. In the current financial climate getting a loan can prove a little more difficult because credit conditions have tightened as a result of the credit crunch, but if you do your research you should be able to find a choice of loans from a variety of lenders, enabling you to find the right one to suit your needs, circumstances, and budget. (more…)
The benefits of an IVA
Monday, February 25th, 2008Individual Voluntary Arrangements, also known simply as IVAs, have become more widely known over the past couple of years, with awareness about this course of action raised through a range of advertising from IVA specialists. This is a debt management tool that has become known as a softer alternative to bankruptcy. In order to be eligible to go down the IVA route you need to meet specific requirements and this includes having unsecured debts of at least £15,000, you or your partner being in full time employment, and owing money to a number of creditors. (more…)
Mortgages – some frequently asked questions
Monday, February 25th, 2008Taking out a mortgage is an important long term commitment, and those looking at mortgages often have many questions to ask about this type of finance. Below you will find a selection of frequently asked questions with relation to mortgages:
How will I know what sort of mortgage to go for?
In order to determine what sort of mortgage to opt for you need to learn more about the different products on the market and match those to your needs and circumstances. For example, if you do not want the hassle of fluctuation repayments then a fixed rate mortgage may be the best choice for you. If you are still unsure after learning more about the different mortgage products available then it is well worth speaking to an independent financial adviser, who may be able to point you in the right direction and offer valuable support.
What is the best way to find a good deal on a mortgage?
Compare, compare, compare! Interest rates, terms, and repayment periods can vary widely from one lender to another, and in order to get the best mortgage for your needs you need to keep your eye on the mortgage market, compare different mortgages from a range of lenders, and avoid rushing into it. Also, when you are comparing mortgages make sure you look at the small print and find out if there are any hidden charges. Comparing mortgages these days is far easier because of the Internet.
How much will I be able to borrow?
The amount that you will be able to borrow will depend on a number of factors, and this includes your income, your existing debts and regular financial commitments, your financial and employment status, and also on the lender’s own criteria. Some lenders offer higher income multiples than others, and this means that you can borrow more although it also means that your repayments will be higher.
What sort of deposit will I need?
The traditional level of deposit needed is 5% of the property value, although first time buyers have often been able to get 100% mortgages with no deposit required. However, some lenders now ask for a minimum 10% deposit as a result of tighter lending conditions stemming from the credit crunch.
Can I get a mortgage if I have bad credit?
If you have bad credit you will find it far more difficult to find an affordable mortgage, and you will find that many of the deals on mortgages are not open to you because of your credit. However, there are lenders that do offer sub-prime mortgages. Do bear in mind that the interest rates charges on these mortgages will be significantly higher than the standard, and therefore repayments will be higher. You need to ensure that you can keep up with the repayments otherwise you could end up losing your home and further damaging your credit.
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Wipe Out Debt Problems With A Low Rate Loan
Monday, February 25th, 2008When you have a number of high interest debts on which you are making repayments each month dealing with your accounts can become tiresome and frustrating. Having to deal with so many payments and creditors can even lead to missed or late repayments, which can add to your debt problems, affecting both your credit rating and your finances, as you may be hit with hefty fees and charges. You could even find yourself facing court action if you start to default on repayments, so your debts could quickly get out of hand.
It is possible in some cases to wipe out all of these higher interest debts and replace them with one lower rate loan, which offers a range of benefits. If you want to ease financial management and reduce the amount that you are paying out each month you could really benefit from debt consolidation. This is where you take out a larger loan to pay off all of your smaller debts on which you pay a lot of interest, such as credit cards and store cards. If you take the time to compare different consolidation loans from a number of lenders you should be able to find one with a competitive rate of interest, and this means that you can enjoy better value for money on your borrowing.
When you use a consolidation loan you can effectively wipe out debt problems, and make life far easier for yourself. Although you will actually still owe the same amount of money you will only have one debt and one creditor to deal with. This reduces the chances of missed and late repayments due to confusion with financial management, and can reduce the amount of money that you have to pay out on your debts each month, leaving you with more disposable income.
If you are a homeowner you can get a secured consolidation loan, and this could help to further reduce your debt problems. This is because you can spread your repayments over a longer period, which means that you can keep your outgoings down. You will also be able to borrow more money with a secured consolidation loan, although this will be based on your equity levels and other factors, and can therefore borrow an adequate amount to cover repayment of all of your existing debts.
In order to effectively wipe out your debt problems through debt consolidation you need to exercise willpower and determination, as you need to be careful that you do not run up your original debts again. If you go on to spend again on your credit and store cards after consolidating them you will find yourself in an even more difficult situation than you were originally with a higher level of debt to deal with. Providing you avoid running up further debts and simply make repayments on your consolidation loan each month you could find that this is one of the most effective debt management solutions for your needs.
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Credit Cards – An Expensive Loan
Monday, March 19th, 2007Unemployed Loans
Monday, March 19th, 2007You may assume it would be impossible to obtain a loan if you are unemployed, but nowadays the truth is, although it may be more difficult and your choice of loan and provider more limited, it is entirely possible. With more and more providers considering the unemployed for a loan (and some even targeting them) it even pays to shop around. (more…)
Self Employed Loans
Monday, March 19th, 2007You are considered to be self employed if you are a sole trader/proprietor running a business or profession, a partner in a business, a consultant or a contractor (independent). (more…)
Overdraft Facilities
Monday, March 19th, 2007A great number of bank accounts include some form of overdraft facility. The purpose is to allow the account holder to access funds beyond what they hold in the account, up to a specified limit. It is essentially a line of credit that you prearrange with the bank for use at those times when you need extra cash. Overdraft facilities are commonly available for both personal and business accounts. (more…)
Choosing The Right Mortgage
Friday, March 16th, 2007The market is flooded with different types of mortgages, but how do you know which one is right for you? The decision has to be yours, whether you take advice from an Independent Financial Advisor or do your own research. (more…)
Fixed Rate Mortgages
Friday, March 16th, 2007What are the benefits of a fixed rate mortgage? Which lenders are offering which products and how do they compare? (more…)
Mortgages – Online Mortgage and Remortgages
Friday, March 16th, 2007With the price of property ever increasing and no sign of the long awaited bursting bubble of the housing market, we ask what can young first time buyers do to gain their freedom and set up a home of their own in such an expensive arena and what is a mortgage anyway? (more…)
Strange but true – loans for strange purposes
Friday, March 16th, 2007People need money (or think they do) for a wide variety of reasons. As a result, the business of personal loans is a booming one. While many people typically think of standard purposes when “loan” comes to mind, the reasons for seeking a personal loan are far and wide. (more…)
Is Your Loan Illegal?
Friday, March 16th, 2007There are many credit options available to potential borrowers. Loans, credit cards, store cards and more are all available to borrowers with the right credit score. (more…)
The High Cost Of Doorstep Credit
Friday, March 16th, 2007There are many people who find it difficult to get credit. People with a poor credit history, with defaults, arrears and County Court Judgements (CCJs) may find that credit card companies and banks prefer to avoid them. That’s why it can seem very attractive when someone is willing to overlook their financial history and give them the loan they desperately need. (more…)
Avoiding Loan Fraud
Friday, March 16th, 2007Every year in the UK, billions of pounds are lent to consumers. It is a hot business and therefore, it should come as no surprise that many lenders want a bigger share of this lucrative market. Unfortunately, not all of these lenders are reputable or trust worthy and it can be very difficult and time consuming for consumers to determine which loans are legitimate and which are not. (more…)
The Truth About Advance-Fee Loan Scams
Friday, March 16th, 2007Advance-fee loan sharks prey on unwary consumers, taking their money for the promise of a loan, and leaving them ripped off. The scam artists often impersonate legitimate lenders to entice consumers. They then proceed to rob them with their bogus offer. (more…)
Loans for the Self-Employed
Friday, March 16th, 2007There are many advantages to being self-employed, including setting your own hours, pricing structures, and the flexibility to turn down less attractive work. (more…)
Wedding Financing
Friday, March 16th, 2007The average cost of a wedding is around £17,000, and one major bank estimated that in 2005, approximately £467 million worth of personal loans would be taken out solely to fund the expected 260,000 weddings. And the amount of money people spend on weddings is steadily rising at a rate of ten percent per year. (more…)
Do You Need Credit Insurance?
Friday, March 16th, 2007Almost every time you apply for a loan or other form of credit, you are asked if you would like to purchase credit insurance. It my even be automatically added to your contract without you noticing. This is an insurance policy that guards you against the risk that you will not be able to meet your repayments. (more…)
Payment Protection Insurance: The True Cost
Friday, March 16th, 2007If you’re taking out a sizeable loan, the idea of payment protection may sound like a good idea. Programs such as these protect buyers in the event that they are unable to make payments on the loan due to events such as layoffs or medical emergencies. (more…)
Define: Early Redemption Penalties
Friday, March 16th, 2007More and more attention is being paid to APRs when people are shopping around for loans. This is not surprising as the very reason the APR was introduced was provide a standard figure that customers could use to compare the prices of loans without getting our their calculators and doing the math themselves. (more…)
What To Look For With A Graduate Loan
Monday, March 5th, 2007There are many financing options available to students who have graduated from higher education. Once the student loan funding has stopped coming in, former students need a way of financing the transition from study to work. (more…)
Do You Qualify For A Career Development Loan?
Monday, March 5th, 2007If you want to boost your career prospects with some work-related study a career development loan (CDL) may be the answer for you. A CDL is available to people (more…)
Student Loans
Monday, March 5th, 2007Leaving their university education with a debt average of £12,000, it seems to look as if students, who are finished with their education, don’t seem too worried about having to pay off student loans payments for a few years after leaving. (more…)
What’s the Deal on Student and Graduate Loans?
Monday, March 5th, 2007What do you need to know about student and graduate loans? First, it’s good to know that the interest on these loans is much lower than a typical personal loan. However, it’s also important to know that a student or recent graduate can become locked into a relationship with a lender through these loans, so careful choices is imperative.
Many students leave college with huge loans, sometimes in the tens of thousands of pounds. The average student now graduates with £13,501 in debt from student loans. It is estimated that two-thirds of all undergraduates have to borrow money from the Student Loans Company. Once a student enters the workforce, the repayment of student loans begins. The good news is that student loans only grow at the rate of inflation, and the interest on student loans caps at 1% above base rates, which is still low compared to many other forms of debt.
Repayment of student loans begins the April after you graduate. Once you hit the £15,000 a year salary mark, nine percent of earnings above that goes back to paying off the loan.
Graduate loans are offered for recent graduates to cover living and working expenses. Many new graduates need to find a place to live and purchase appropriate work clothes. The graduate loan is designed for these costs. While this may seem like a great option, be wary. Graduate loans are much more expensive than student loans, although still less expensive than traditional personal loans.
You may want to consider alternatives prior to seeking a graduate loan. Your new employer, for example, may be able to loan you money for start-up costs with a much lower rate. Career development loans are another option for those who are seeking professional qualifications. These loans are available from most high street lenders at a lower interest rate.
Maintaining control over student debt is important as it may have a great affect on a person’s ability to later purchase a home and invest in a pension. Because the daily financial stresses for students are great, many feel they need more loans to cover the expenses, which in turn leads to more years of repayment. One recommendation is to set up two accounts with the loan monies. Students then pay themselves with one account to the other.
While increasing student debt is a trend, the good news is that fewer graduates are now getting into further debt.
Graduate Loans
Monday, March 5th, 2007Graduate loans are an increasingly common form of unsecured personal loans that allow new graduates to consolidate debt. For many people this is an attractive way to firm up their finances when making that first foray into the world of working full time. (more…)
Career Development Loans
Monday, March 5th, 2007Career development loans are a popular way to fund vocational education and training. They are available to a wide variety of people from a broad range of educational and employment backgrounds. A career development loan can be an attractive and cost effective way to pursue career change or enhancement. (more…)
Using A Career Development Loan For Postgraduate Study
Monday, March 5th, 2007We’ve all heard of student loans. These are the loans that help school leavers fund their university education. But what if you want to continue learning after you have left university and have started work? Luckily, not all loans for study are given to undergraduates. (more…)
Should I Use My Student Loan To Pay My Credit Card Debt?
Monday, March 5th, 2007If you’re a student close to graduating one question you may be toying with is whether or not you should be using you student loan to pay for your credit card debt. The issues here can be a little complicated, so the following are a few pro and cons to using your student loan to pay off your UK credit card debt. (more…)
Have You Got A Toxic Loan?
Monday, March 5th, 2007A secured loan can seem like a dream come true, especially for someone with a poor credit rating. Finally, there’s a way to afford that new car, expensive holiday, wedding or other family treat. And with a secured loan, your credit history won’t count against you. But could some lenders be so eager to get you signed up that they lend too much? (more…)
Car Advertisements: Use Caution
Monday, March 5th, 2007Car dealers often advertise very low interest rates on loans to buy their cars. They will also offer grade trade-in deals and free upgrades on certain models. While these offers are all very tempting, you must still shop around carefully when seeking the best car loans. (more…)
The Best Deals for Wheels
Monday, March 5th, 2007Are you looking to purchase a new car? If so, it pays to investigate various funding sources. Car dealers, despite the advertisements, may not always have the best deals on loans and interest rates. (more…)
Understanding Vehicle Financing
Monday, March 5th, 2007Cars are expensive.
The average price of a new car is over £12,000 while a four-year-old car is almost £5,000. With prices like this it is no wonder that most consumers require some sort of financing or leasing to buy a new vehicle. There are many ways to finance this purchase. (more…)
Shopping around for loans – why not?
Monday, March 5th, 2007Chances are if you were shopping for a home theatre system, you would shop around to find the best deal. So why not shop around for a loan? (more…)
Switching loans can save money
Monday, March 5th, 2007It is all too easy for consumers to become complacent when it comes to finances, and loans are one example of this. Many people remain with the same lender or the same loan set-up simply because it’s easy and familiar. Yet studies show that consumers could save a substantial amount of money by changing their loan structures. (more…)
What is the Role of Debt Consolidation Companies?
Monday, March 5th, 2007There are many forms of lender on the market. Not all of them are banks. Debt consolidations companies play a specific role in the debt market. They often take on higher risk loans, and for this they will sometimes charge slightly higher interest rates on standard personal loans.However, they are far cheaper than the short term loans they usually replace and therefore continue to grow in popularity. (more…)
What Happens if I Can’t Pay the Debt Consolidation Loan?
Monday, March 5th, 2007This is a very good question to be asking your self before taking out any type of loan or making any financial commitments. Debt consolidation loans are becoming increasingly popular with consumers in today’s over indebted market place. They are often available to those with poor credit histories and other borrowers who are considered high risk for various reasons. (more…)
Refinancing Debt
Monday, March 5th, 2007Did you know that switching lenders can save you money? Just because you agreed to a loan in the past, doesn’t mean that you have to stick with it forever. Most people stick with the same lender for years and years. Often without even checking if better rates and terms are available elsewhere. (more…)
Debt consolidation trends
Monday, March 5th, 2007Consolidating debt is growing in popularity. The signs of this are everywhere. From television advertisements, to letters in your post box, offers of debt consolidation abound. Debt consolidation is a huge business and the primary reason for new personal loans is debt consolidation. (more…)
Consolidating Debts with a Loan
Monday, March 5th, 2007If it seems advertisements for debt consolidation loans are everywhere, it is because consolidated loans are big business. The primary reason for people taking out personal loans over the next year will be for debt consolidation. (more…)
Managing your debts
Monday, March 5th, 2007It is easy for debt to get out of control. Student loans, losing your job, becoming ill or any number of other unforeseen events can easily cause debts to mount up. Even more commonly, simply spending too much on credit and store cards will have the same effect. If this has happened to you, a debt management program may be for you. (more…)
General Loan Advice For Managing Debt
Monday, March 5th, 2007Debt is a really easy thing to get stuck in. Even if you are not extravagant monthly costs can spiral out of control, especially if you take your eye off the ball. So what can you do to avoid getting too far into debt and if you are there already how can you get out of it? (more…)
Loans for Those with Poor Credit
Sunday, March 4th, 2007Is it possible to obtain a loan if you have a poor credit score or even if you’ve declared bankruptcy? The answer is yes. However, not surprisingly, the loans available will have higher interest rates and restrictions that are more stringent. (more…)
Factors that make you a Bad Credit Loan Applicant
Sunday, March 4th, 2007We all like to think of ourselves as fairly responsible and trustworthy people, especially when it comes to financial commitments. But the fact of the matter is that some people are more reliable and responsible than others and banks and other lenders know this. (more…)
Finance With A Poor Credit History
Sunday, March 4th, 2007Money Makes the World Go Round
If you have a poor credit rating the financial services industry has a message of mixed blessings for you. First the good news: yes, you can get a loan, but the bad news is, it’s going to cost you! (more…)
Negative Credit and Job Searching
Sunday, March 4th, 2007It is common knowledge that bad credit can make it harder to get more credit. But did you know it can also effect your ability to find or keep a job? (more…)
How to Dispute Credit Report Errors
Sunday, March 4th, 2007Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. This information is then sold by consumer reporting companies to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. (more…)
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