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Secured homeowner loans available that could save you money!

There are many lenders on the market. Some lenders specialise in providing secured homeowner loans to people with poor or bad credit history.  Some lenders will consider your application if you are self-employed, have CCJs or other financial problems. The Annual Percentage Rate, or APR, you will be charged will depend upon your credit worthiness, your ability to pay and the equity left in your home.

Lenders, such as Ocean Finance, provide secured loans with a variable interest rate of between 11.9 to 29.9% APR. Were you to take a loan of £20,000 over 25 years, with a typical loan rate of 17.9%, it would cost you £90,556 to pay back at £300 per month.

Searching online offers a wide range of deals at a lower APR. There are many attractive offers being advertised, but you may not be able to get these fantastic deals unless you have a good credit score and equity in your home. However, it does pay to shop around. At a lower APR, a loan of £20,000 over 25 years would be cheaper. If your loan had an APR of around 6.5%, it would cost you £40,500 to pay it back at £135 per month.

A secured homeowner loan can be used for a range of purposes, including home improvements, car purchase or debt consolidation. Always remember that your home may be repossessed if you fail to keep up your repayments on any secured homeowner loan or other debt that you may have secured against it.

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