Fixed term mortgage holders should opt for a secured loan to bypass redemption charges, according to secured loan broker Click.
Redemption penalties affect homeowners who want to free up capital from their properties before their fixed term mortgage is up. Steve Teague, chief executive of Click, says: “With the recent encouragement for lenders to launch 25 year fixed deals, secured loans are set to be the best route for those clients wanting to bank their property’s capital without losing their shirts on the mortgage deals." Secured loans allow borrowers to arrange sums from £30,000 to over £100,000 while most unsecured loans only allow the borrower up to £25,000. Teague says: “Secured loans can also save t...
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