secured loans case studies

CASE STUDY ONE – June 2006

Mr Jones was self employed and required a self certification loan of £30000.00 to consolidate credit card debts and obtain 100% borrowing.

He also required the funds quickly to pay off credit cards due to large monthly payments.

A lender was found that agreed a £30000.00 secured loan over 25 years at 100% borrowing.

The loan completed 14 days after the full documentation was received from Mr Jones.

CASE STUDY TWO – May 2006

Ms Marsh was employed and required £50000.00 to consolidate debt and carry out home improvements.

She had no credit problems and wished to borrow up to 85% of the property value.

A lender was found whom would lend £50000.00 over 20 years up to 85% loan to value at 7.8% APR.

Ms Marsh consolidated £30000.00 of debts, saving £600 per month, and used the remaining £20000.00 for home improvements.

CASE STUDY THREE – December 2006

Mr Bourne had a very competitive mortgage but had recently incurred some adverse credit in the form of defaults and was discharged from bankruptcy 5 years ago.

He required a secured loan of £40000.00 to consolidate all debt, purchase a car and add an extension to his property.

Rather than re-mortgage to a non conforming lender which would attract a higher rate on all his borrowing, Mr Bourne was able to obtain a secured loan which was completed at 4% above LIBOR (London Inter Bank Offered Rate)

CASE STUDY FOUR – January 2006

Mr Lewis had large levels of bad credit including mortgage arrears, defaults and County Court Judgements (CCJs).

He needed to arrange further borrowing to pay off the mortgage arrears and all his unsecured borrowing before his current lenders considered further action.

A lender was found that agreed to a secured loan with total secured borrowing (including the existing mortgage) up to 75% of the value of the property.

The above case studies are based on real people, but their names have been changed to protect identity. All case studies have been provided by The Commerce Centre Limited, which is an appointed representative of Thinc Assured Network Limited, which is authorised and regulated by the Financial Services Authority.

Borrowers must be homeowners and all loans are subject to status and valuation.

Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debts secured against it. Not all types of loan are regulated by the Financial Services Authority. By taking loans over a long period of time, whilst monthly payments may be reduced, you may end up repaying more over the long term.

These are for illustrative purposes only and must not be used as financial advice. For further information, and to see how we can help you, please contact thisisjam.com.