MORTGAGE FINDER

Guide to Home Improvement Loans

Nine steps to finding the right loan

There are some basic rules that you should always apply when searching for the right loan

Deciding which loan to take can be confusing. Here are nine of the most important rules you should always apply when searching for a loan.

1. Shop around or simply ask for advice from an independent mortgage/loan adviser.

2. Take APRs (Annual Percentage Rates) with a pinch of salt: ask for what the monthly repayment costs will really be.

3. Always ask what the total interest payments over the length of the loan will be, as well as the monthly amount.

4. Check out the cost of accident sickness and unemployment cover. Remember: you may not even need it (your employer’s sickness scheme may protect you).

5. Go for flexibility over minor variations in price. This means finding out about repayment penalties and the “Rule of 78” and how it applies to you

6. Second charge or secured loans have to be considered in the same way as a mortgage has to be namely: - your home is at risk if you cannot pay off the loan.

7. Always check the small print: there may be issues in there that you are unaware of: for example, what happens if you miss a single payment or it arrives late to the lender’s bank?

8. Try not to take out long-term loans for periods of, say, 10 years. You simply don’t know what your financial situation will be over that length of time: a mortgage to pay for a roof over your head is one thing, but for a car?

The interest payments could be as much as the cost of the loan itself.

9. Don’t make serial applications. The more applications you make and are turned down for, the more your credit history will be tainted.

Please note that this information does not constitute regulated financial advice, which recommends a course of action based upon the specifics of your personal circumstances. The information is purely intended to provide you with general information only. You should consult an Independent Financial/Mortgage Adviser (IFA) before making any important decisions about your finances.

Please therefore just contact us either by phone on ~ 0845 642 0644 (Local Rate), use the quick Mortgage Finder ~ CALL BACK FORM or use the brief Mortgage Finder ~ ENQUIRY FORM, and then simply allow us to assist you with further information without any obligation whatsoever.

All mortgage types & options are subject to availability and lenders conditions

Whatever your mortgage requirements Mortgage Finder can help provide information and assistance with different mortgages for different mortgage needs nationwide throughout the UK

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Read more informatioms, click the links below

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Nine steps to finding the right loan