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Watch Out for Toxic Loans!
Secured loans are a good option for people who own a home but may have past CCJs (County Court Judgements), arrears or any defaults on their credit report. Their long-term nature and low interest rates make them all the more appealing.
However, although a secured loan might seem like a "dream come true", they don't come without their pitfalls.
First of all, securing anything against your home can be risky. If you are unable to keep up repayments for any reason, a lender will have the legal right to repossess your home.
Before the lender issues the loan, they usually have the property valued. This is to make sure your home is worth the loan amount that you require. Once the current value of the loan is established, any outstanding mortgage payment is then deducted from this figure. The remaining amount is the property's equity.
Lenders usually loan up to 85% of the equity in your home. Recently, loans of up to 125% have become increasingly common.
Borrowing so much money may appeal to some. If house prices are on the fall though, you may be left with negative equity. This is when the equity in your home is worth less than the secured loan, and is known as a toxic loan. That said, lenders have mostly pulled out of this market since the start of the so-called "credit crunch".
Although interest rates on secured loans are generally lower than that of unsecured personal loans, it's important to remember that they too can go up as well as down. Therefore, if interest rates continue to rise, then this too adds to the likelihood of ending up with a toxic loan.
Toxic loans can easily damage a borrower's financial health. He or she may find it difficult to keep up with the loan repayments, especially in addition to any other outgoings.
In the past, lenders' eagerness meant it was not too difficult to end up in such a situation. Plenty of advanced planning and thoroughly scouring the market, however, should ensure that a borrower does not end up with a negative equity and thus a toxic loan.
About the Author
Liam is a UK based financial author currently focusing on secured loans, and in particular negative equity secured loans. Compare over 150 secured loans online today.
Worth Toxic Review - www.DoubleDownNow.com - Ray Kowalski
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