Homeowner Secured Loans
Need to borrow more money? Ask your mortgage provider first.
Homeowner secured loans are widely available, and they offer bargain basement interest rates – especially compared to unsecured loans. However, don't just compare headline APR rates, because your current mortgage provider may offer good deals to existing customers that are just as good as, or better than, the competition.
When you're shopping around for homeowner secured loans, don't just compare the APRs from different firms: you might find that your current mortgage provider will offer a better deal. In many cases lenders will offer homeowner secured loans to existing mortgage customers at preferred rates, which could mean a lower APR or discounted arrangement fees. It pays to ask.
If your existing lender doesn't offer any exciting deals, then it's time to start shopping around – but APRs aren't the only things you should look at. Some homeowner secured loans have hefty admin fees that you'll have to pay if you want to switch lenders or pay off the loan early; others are more open to competition and won't charge you a fortune if you jump ship after a few years. Compare the cost of payment protection insurance too: again, fees vary from lender to lender. Don't be fooled by gimmicks such as cashback, either: you'll often find that a slightly higher interest rate means that a cashback deal isn't the bargain it may seem to be.
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