Expert issues secured loans tips
05/08/2008Tips on how to get a better rate on a secured loan have been offered by a personal finance website.
According to the Thrifty Scot, those who put up their properties as collateral are likely to gain a stronger rate of interest.
It added that this is because the lender believes that they have a stake in making sure the loan is repaid - namely the borrower's house.
But the website stated that another good way to ensure a decent loan deal is taken out is to scour the market - even though it can be a tough process.
"It is a very time consuming task to visit every lender in person to inquire about the rates and to get an exact rate, you may even have to apply for the loan," commented the firm.
This comes as Northern Rock announces that it has repaid £9.4 billion in loans from the Bank of England.
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