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What are debt consolidation loans?
Debt consolidation loans have grown popular in recent years as the number of credit cards, store cards and other other forms of credit have proliferated.
With a debt consolidation loan you are essentially consolidating all of your individual monthly loan repayments into one, borrowing an amount secured against your home to pay off all of your smaller loans. Secured loans are often available at rates that are much lower than high street offers (although the rate that you will get depends entirely on your circumstances).
Clegg Gifford Private Clients is experienced at arranging debt consolidation loans, and endeavor to help you whatever your circumstances.
To speak to one of our advisors call now on 020 7519 4900 or fill out our online enquiry form and we will get back to you.
Some general points to note about secured loans are listed below:
- The amount you can borrow usually ranges from £5,000 to £100,000.
- The repayment period varies, but is between 3 and 25 years.
- You can borrow up to 125% of the value of your property.
- Typical rates start at 6.7% (Typical APR 8.9%).
- Secured loans are secured against your property .
- If your property is already mortgaged then the secured loan is called a 'second charge' loan. If you own the property outright the loan is called a 'first charge' loan.
- You may be charged a fee if you repay the loan earlier than agreed, our broker will make you aware of any early repayment charges on your loan.