Encash the Homeowner Privilege

By: Gracy Bonsu

The difference between a successful person and others is never the lack of strength or knowledge; rather it is a lack of will. Attitude of a man makes the difference. No obstacle can stop the man with the right attitude from achieving his goal and the reverse is also true. Nothing on earth can help the man with the wrong attitude. Financial behaviour and tackling of financial deficits are not different from this. Many people in the UK are confused when they are in need of external financial assistance.


Opting for external financial assistance, when expenditure runs ahead of income is not new. The UK financial market is full of such options. However, the situation is confusing for the borrowers. Which loan plan to opt, how to manage loan burden efficiently and how to get a low interest rate loan plan are the prime questions which haunt the borrower's mind before opting for a loan plan. Lack of expert financial advice can lead the borrower on the way of financial disaster. Many people opt for credit cards and overdraft to finance their needs and get caught in the debt trap. Repayment of the borrowed amount is not as easy as it seems in these options.


The best and cheapest way to deal with financial deficits is the secured loans. These loans are accessible when the borrower is a homeowner. Lenders and financial institutions sanction these loans against the residential property security of the borrower. As the estimated value of a residential property in the UK is near about 200,000 pounds, the lenders do not hesitate to offer 80 percent of the value of house as loan. The lender is assured of his investment as in case of default he can get back his money through repossession. The borrower friendly features of these loans are an outcome of this security.


Borrower can get loans at the lowest interest rate when they are opting for the homeowner loans. Repayment pattern is easy and the borrower repays the loan amount in monthly instalments within a stipulated time period of 25 years. As the repayment period is longer, the monthly instalment is lower. Hence, the borrower does not find hassles to be regular in payments.


The maximum loan amount in case of secured loans is 250,000 pounds. Loan amount depends on equity of the pledged security and credit rating of the borrower. Loan application is available online and the borrower can apply for these loans to meet any legally correct purpose.

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