Who really offers free advice?

In the current climate of rising living and fuel costs, anyone seeking a secured loan has to be certain its the right loan for them for the purpose originally intended. The problem therefore arises, are you getting the best advice when shopping around for a homeowner loan? As with most financial decisions in life, nothing is quite that straightforward.

To begin with, it pays to research whether the lender is independent or tied to a suite of secured loan products from one or more lenders. Secondly, is the loan provider rewarded with a commission either on the the loan itself or the PPI (payment protection insurance) or critical illness cover which will be offered with the quotation. Thirdly, what are the terms and conditions of the loan product? Are there repayment penalties if the loan is repaid early for example. Lastly, has independent advice been sought from totally impartial organisations such as the Citizens advice bureau? This is especially important if the purpose of the secured loan is to consolidate debts or simply help out in these problematic times we live in at the moment.

Never forget that a homeowner loan is secured against your home, therefore, consumers need to be aware of falling house prices and possible negative equity in some areas of the country which was put into perspective yesterday with news from the Nationwide house price index survey of a 2.5% fall in May house prices.