Bank of England official figures point out something that we all instinctively feel -- secured loans remain a popular financial instrument. In the final quarter of last year, for instance, home owners here in the UK released around £14.6bn using mortgage equity withdrawal. And if that seems like a lot, just consider the total for the four quarters of that year. The total was an almost unbelievable £49.7bn. This was up from the previous year's total of just under £37bn. In other words, a rise of some £13bn in that section of the loan market.
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As you think about these number you will appreciate the value of this kind of borrowing instrument. (And, of course, the strength of the British borrower!) A secured loan is a safe, effective way of securing a short term loan. One that more and more British people are finding easy to both get and repay on time.
This year's numbers support the trend. Take for instance the way that First Direct, a major lender, owned by the big international HSBC banking group, recently stopped taking any more mortgage applications. They had such a large pile of loan applications their approval system had got clogged up! A spokesman has said this "drastic" step had been taken partly in response to changes other lenders had made. The market is always fluid, and those actions by other lenders had moved a tsunami of applications into First Direct offices. But the lender assured the public that the doors would again open for new borrowings, as soon as the back log had been cleared.
Undiminished popularity of these loans
This shows the undiminished popularity of mortgages. And that, coupled with the Bank of England number for mortgage equity withdrawal, is good for high streets up and down Great Britain. Secured loans are not only good for families, they are also good for the retailers and tradesmen that families spend those loans on.
Secured loans are widely recognized as a handy and quick way to do things like build another couple of rooms on the family home, or settle a large credit card debt, of pay for one of those many unexpected, sudden emergencies all families are faced with from time to time. A medical operation, for instance, that can't be delayed but is not immediately available in the public health system. Or the happier occasion of a daughter's wedding that has to be paid for -- the more lavishly the better! Or even the simple replacement of a vehicle that suddenly "dies" on you. There are lots of situations like this that hit us all, and since our cash flows are usually tight, secured loans present a very good way to find the money when its needed.
A good broker can save you money and time
Lenders are quick to give out these loans because their money is, well... secure. It is loaned on the value of an asset such as a home or an expensive car or jewelry. An asset that could be sold quickly for at least the value of the loan. So if you have a home and a reasonable, steady cash flow, it is likely you will be well received by the lenders
In this strong market you would be well advised to ask a mortgage broker to help you find the best deal. As you know, an interest rate that is even a few points lower than another, can being you a lot of long-term savings.The good brokers know about this and can help you find a loan agreement that is good for you, not just good for the lender. What's more, a good broker will save you time since you can give him a quick call at any time during your negotiations, ask for advice and be quickly guided into favorable terms.
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