UK Secured Loans Company
Will you lose your home if you miss a few loan payments?
A UK secured loans company won't repossess your home if you miss a single payment, and in many cases may be more tolerant of the odd problem than some unsecured loan providers. However, you can't assume that your lender will be understanding, so it's important to ensure you can afford your repayments.
If you get into trouble with your repayments, will a UK secured loans company send the bailiffs round? The answer is: not immediately, but it's a risk you really don't want to take.
When you're considering a loan from a UK secured loans company it's important to remember that you're telling the lender, "if I don't pay it back you can sell my house!" In practice, lenders won't throw you out on the street for missing a payment, and if you get into financial trouble they will usually attempt to restructure your borrowing so that you can continue to meet the repayments. However if you get into a mess the lender can sell your home, which is why it's so important to make sure you're not overstretching yourself.
Once again, payment protection insurance is something we'd strongly recommend, as it covers you in the event of unemployment or critical illness. However, the insurance won't protect you against interest rate rises, so if rates go up your payments will too. Make sure you can afford your loan repayments even if the monthly amounts increase considerably.
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