Welcome to the Loan Type Section

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This section provides information on different types of loans and finance that are available for a wide range of purposes.

A secured loan is only available to homeowners. This type of loan uses your home as security but there are also a number of benefits.

A secured loan can be repaid over a longer term than unsecured borrowing. Secured loans over 25 years are not uncommon and there are lenders/brokers that offer secured loans up to £100,000.

These type of loans are ideal for homeowners looking for unsecured borrowing. The maximum amount for an unsecured loan is usually £25,000. This makes it a regulated loan by the Office of Fair Trading (OFT). Typically with this type of unsecured loan, repayments can be made over 5 years and sometimes as long as 7 years. Tenants with a good credit rating and a provable income can also apply for an unsecured loan.

These type of loans are ideal for tenants and most circumstances are considered. The amount you can borrow varies between lenders. The usual maximum for a tenant loan is £10,000, although amounts up to £25,000 are available from some lenders to tenants with a good credit history.

A mortgage is used for buying a house or flat. This type of loan is secured on your property and as it is a first charge on the property this loan is known as a mortgage. There are many different types of mortgages available but this is outside the scope of this section.

This type of loan is usually for buying any type of commercial property. Typically commercial mortgages start at £25,000 and there is no maximum amount. The maximum amount is determined by LTV (loan to value). Applicants can borrow up to 80% LTV and in some case 85% LTV without any security. With additional security it is possible to borrow up to 100% of the purchase price. Security would normally be in the form of another commercial or residential property.

 

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