secured loans

[pinkbabytots]

I wish to apply for a consolodation loan secured on my house. The problem being is that my income comes in from three sources employment, CSA and working family tax credit. I looking to go though a broker who maybe has 10 or more lender on their panel as I don't want loads of credit checks on my file. I have been offered 11.8% but think thats a bit high seeeing that my credit history is quite good.

Thanks

[sogilvieuk]

Hi,

Do you have a mortgage on your property, if so who is it with? I am a mortgage broker and also deal with secured loan in certain circumstances. However, it is always advisable to contact your mortgage company for an additional loan if your exisiting mortgage has early redemption penalties or a remortgage if it does not. You will get a much lower rate and if you wish to pay that portion of the loan off over a shorter term you can chose to do this. Due to the sources of your income it important to use a broker so they can determine which companies will accept this without having to approach different lenders and carry out more than one credit check.

Hope this helps.

[chitchat]

Brokers do not carry out credit checks on you. The lender does that but only when they receive an application from you. The broker usually contacts the lender to see the your circumstances fit their lending critera before you submit an application.

Using a broker is a good idea, but if you have a mortgage on your house have you approached your existing lender? Most of them will consider a loan for debt consolidation.

As for the rate of 11.8% - that does seem high but if you are using one of these finance companies they charge you high rates and high fees. See you own lender first. It could save you ���s.