There are a lot of possible options out there from payday loans to guarantor loans as unsecured loans to secured loans taken out against your car or your home.
Shawbrook are an award winning british bank that offer loans for homeowners for any purpose.
Loans up to 95% ltv with the ability to make overpayments without penalty.
The main piece of advice here is really to check out all of your options and make sure you understand the type of loan you are taking out, especially if you are securing it against your home.
There are a number of high-risk mortgages that can potentially cause problems for you as a home buyer.
You should also understand that because of the length of these loan terms you will pay more overall than if you took out a shorter loan with higher repayments.
However if what you need are the lowest monthly payments possible then this type of secured loan is likely to be your best option because they often provide you with the lowest interest rate so your monthly payments are affordable, but the lender still makes their money because of the length of the loan term.One of the biggest pros of taking out this type of loan is the fact that you can bring your monthly loan repayments down to an affordable level.If you take advantage of this to its fullest and ensure that you don’t miss any repayments you will not only gradually start to pay your loan off, you also start to rebuild a good credit rating.As a secured homeowner loan against your home to consolidate your debts is effectively a type of mortgage you can also consult a specialist mortgage broker in order to identify all of the products that would be suitable for you.They will be able to take into account your loan amount, how much you are able to pay in monthly payments each month and so therefore will also be able to advise on a loan term, which could be up to 30 years in some cases.Secured debt consolidation loans are not right for everyone, but they can throw you a lifeline if you are in a particular type of situation.