Expert
Loan News
02 June 2008
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.
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