Secured Loans Better Value For Clients

Wed, 23 Apr 2008

UK intermediaries have been urged to reconsider their strategy for clients wishing to raise capital due to the slump in market conditions and changes to the Consumer Credit Act (CCA).

According to secured loans packager Loanoptions.co.uk, the changes in the market and to the CCA mean that secured loans are now in many cases better options for many applicants.

Andy Moody, the group’s managing director, explained: "The new changes mean that all secured loans for residential purposes of any size come under the CCA and therefore every loan has a cooling off period, so the client is not pressured and early repayment charges are a maximum of two months interest depending on what point in the current month they notify the lender."

"When you add in that there are no upfront fees in the shape of application fees, booking fees and valuation and conveyancing costs then it does not take a genius to work out that on a direct comparison basis in many cases, secured loans are going to be better value for clients ."
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