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Security
What Can Happen To Your Security?
It is essential that you understand what can happen to your property – and this usually means your home.
As we explain elsewhere (on our Why a Secured Loan? page) there are a number of vitally important ways in which a secured loan is different from a mortgage or a remortgage. These are the differences which can make a secured loan so advantageous for you.
However, we cannot stress too highly that there is ONE vitally important way in which a secured loan and a remortgage are exactly the same – they are both secured against your property. In most cases, this means your home.
So when you borrow the money, the lender acquires an interest in your home. Your home then becomes the lender’s guarantee that you will make your loan repayments on time. This is what is called the lender’s security.
If you fail to make your repayments on time, the lender’s guarantee – or security – becomes the penalty that you pay to compensate the lender for the missing money.
To put it quite bluntly – if you fail to keep up with your repayments, you will lose your home.
What if you succeed in keeping up with your repayments?
If you continue to make your repayments regularly and on time, you will keep your home.
This also means that if your credit record was previously good, it will now look even better.
Quite importantly, it also means that if your credit record was previously poor, it will now have improved.
So you can’t lose by keeping up with your repayments – and you might even come out ahead! |
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We are licensed under the Consumer Credit Act 1974 to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling, credit reference agency and canvassing off trade premises. Our Consumer Credit Licence Number is 587232.
Enquiries generated via this website are passed on to Financial Advisers, Mortgage Brokers, Licensed Credit Brokers and Lenders.
Divadani Finance and Divadani Loans are trading styles of Divadani Limited.
Company registration number 5256587. VAT registration number 877 4798 45.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. |
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