More mortgage brokers are being forced to offer secured loans as an alternative to re-mortgaging.

Southend on sea UK (PRWEB) April 4, 2006 -- With the new mortgage regulations into its second year, mortgage brokers are having to consider secured loans as an alternative for there clients.

Mortgages are simply a special type of secured loan with cheaper rates. Borrowing the money on your existing mortgage, or remortgaging to a new cheaper deal is a valid option, but isn’t always correct.

Clients best suited may have, heavy redemption penalties, recent CC-J's, a competitive mortgages in place, mortgage arrears with a prime lender and do not want to re-mortgage to a sub-prime lender, low have income multiples or could even be close to repossession.

As with first charge mortgages, there can be early redemption penalties on secured loans (second mortgage). However, with regards to loans £25000 and under, the lender may only charge a penalty (subject to a set formula) of 30 days or 1 calendar month if paid off early. This applies when the original loan term is more than 1 year. For terms of 1 year or less, no redemption penalty is payable. This penalty is set out in the rules governing repaying loans early and is covered by the Consumer Credit (Early Settlement) Regulations 2004.

www.liquidhomeloans.co.uk is a broker/packager helping mortgage brokers country wide to source, package and complete secured loans for there customers. Liquid has a whole of market panel from prime to deep sub prime.





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• Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
  
  
• To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
  
  
• Credit card balance transfers
  
  
• All kind of loan – educational loans, auto loans, secured loans, unsecured loans, personal loans and any kind of loans – can be consolidated under debt consolidation mortgage. It is highly appropriate to adopt debt consolidation mortgage if you have numerous debts. However, a prudent step will be to understand debt consolidation if you actually want to apply for it. Debt consolidation mortgage has the capability to be turned in a way so as to allow maximum monetary benefits. Yet, one little error with debt consolidation mortgage and your situation will be back to square one.