You are here: Home - Credit Cards & Loans -

Secured loans play catch up with personal loans

0
Written by:
20/02/2008

Rates on secured loans are becoming more competitive than those on the average personal loan, according to financial comparison website MoneyExpert.

Research from the website found the average APR on a £15,000 unsecured loan is around 8.44%, while secured loan customers – people who secure a loan against their property – looking to borrow the same amount, can get interest rates of 5.9%.

Furthermore, there has been an 85% increase in homeowner loan applications in the quarter ending January 2008, compared to the quarter ending October 2007, MoneyExpert said.

Sean Gardner, chief executive of MoneyExpert, said: “Historically, secured loans were seen as something of a product of last resort. But these days they are far more attractive to homeowners who are looking for a competitive rate of interest. While these low rates can include an arrangement fee of as much as £995, the monthly savings to be made by opting for a homeowner loan can still be substantial.”

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Skiers should check for off-piste cover

People about to go on skiing holidays are warned to check the small print of their travel insurance policy for...

Close