The secured loan is as the name suggests a form of loan that must be secured against some sort of colaterral. When you are talking about a secured homeowner loan, the security involved is your home. This shouild make you consider the repayments very carefully before commiting yourself, as surely you do not want to place your  your home at any risk whatsoever?. A secured loan is an excellent way for a homeowner to borrow, because it first of all comes with a good rate of interest, and therefore it is a wise move to use your priviliged position as a property owner to obtain the very best interest rates that are available.Secured loan lenders being responsible lenders always ascertain that a prospective secured loan borrower has sufficient income, and will in no way become financially overstretched if they were to be granted the secured loan. The income affordability varies a little between secured loan lenders, but basically the rule of thumb is that they allow 40% of an applicant’s gross income to cover their outgoings. In this instance what is taken as outgoings is the monthly mortgage payment, the proposed secured loan payment, and the payments on any unconsolidated loans and credit cards.Sometimes for applicants who have higher earnings 50% of their gross salary is used when calculating income. The exact same rules apply to self employed prospective borrowers. In the past, that is in the good old days before the recession started two odd years ago, the self employed could do a self certification of their earnings. It was simply a matter of writing on a billhead or on a plain sheet of paper  accampanied by a business card that that they were self employed, what their occupation or profession was, how long they had been self employrd and how much their net profit was each year. No further proof was required. Consequently some self employed were prone to exagerate their income to obtain the secured loan, or mortgage that they wanted.It is only human nature to do something like this to get what we want, but extremely foolish to lie to obtain a secured loan that was on occassion unaffordable. What is the point in certifying that you earn £100,000, when in reality your earnings are half that figure? Nowadays, self certs. have ceased to exist, certainly at a good interest rate. Secured loans are still available for the self employed, but secured loan lenders require at least an accountant’s certificate and on some occassions full accounts.This is a sensible move and it meanns that not only employed but also self emplyed applicants will not be overstretched. There are however still a couple of secured loan lenders who accept self declarations, but at 50% maximum loan to value, and the interest rates are also pretty high at over 20%.APR. The answer is that secured loans are still available to the self employed, but that  the underwring criteria is much less lax than before.

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 With personal secured loans the secured  asset is your main home or your second holiday home if you are one of the lucky ones. The secured loan comes with a good rate of interest, and can be repaid over  a five to a twenty five year period, making it a good, flexible and fairly cheap way for homeowners to raise funds, particularly for a large purchase.  Secured loans can be a good way to fund a car purchase. It is not really possible to obtain a personal unsecured loan for this purpose, and in any event unsecured loans are only available up to a maximum value of normally £15,000. By arranging a secured loan to buy a car you are not tied to buying the vehicle from a dealership, and instead can buy your car from a private individual or even from a car market. The much maligned car markets are not just the haunt of shady second hand car dealers trading out of grubby back street showrooms, and many good bargains can be got at these markets. There are up market car markets such as the one at Blackbush which only deals with the top end of the scale and marques such as Mercedes Benz, BMW, Ferraris and Masseratis  change hands there. By buying a car privately or at a market you should pay a lot less than you would than buying from a dealership, and therefore you could even buy a better make of car than you ever thought that you could afford. With the fact that secured loan payments can be spread out over a longer period,you would even be in the position to pay more for the car, as you can keep the repayments down by extending the repayment period over a longer time than the three years or occassionally the five year period available from the dealership.Therefore instead of the Vauxhall Astra or the Ford Focus you could buy an S class Mercedes which you will be happy with for many years, and which can run for 300,000 miles.Or if you prefer the sporty SL Mercedes you could buy that most reliable of cars instead. The idea of using a secured loan as a way to buy a car is a good one.

A secured loan which is a form of homeowner loan secured against the equity on your property, is a multi purpose loan, meaning that it can be used for almost any purpose, providing the purpose of the loan is legal. This means that  secured loans can not only be used for fuddy duddy things like debt consolidation but can also be used for the lighter less serious things in life such as weddings, car purchase, motorhome, boat and caravan purchase or even holidays.Equity is basically the difference between the value of  your property and the oustanding mortgage balance, and so if you have lived at your current addess for some time, even with house prices having fallen a bit over the last two years, you should still have a fair amount of equity. Why long to buy things or why dream about going places when releasing some equity in your home can help you fulfil your longings? If for example you really enjoy movies and have always wanted to attend a film festival to enjoy the atmosphere this kind of event generates, and to see the stars in the flesh on the red carpet, why not take out a secured loan to attend a film festival? There are numerous film festivals held throughout the world including one in the Scottish capital of Edinburgh, and of course another British festival is the one held in London. There is also the Deauville film festival which takes place each year in of course Deauville, this most beautiful  of towns in Normandy in France which is not too far from the English coast. This means  that you could go in your car and either take the ferry or the motorail to go there. This would mean that apart from attending the film festival you could tour both Normandy and the neighbouring area of Brittany, two very attractive parts of France. The seafood is so wonderfully fresh and delicious that it is practically to die for. Many of the best known and most popular cheeses in the world come from these two areas, cheeses such as Brie, Camembert, etc. and these names are derived from the towns in which these cheeses are produced. If you really want to treat yourself why not attend one of the two major film festivals in the world, and these are the Cannes Film Festival which takes place in May every year, naturally in Cannes on the magnificent French Riviera, or the Venice Film Festival which is held every September  in the city of gondolas in Italy?The major stars attend these events and films which usually turn into blockbusters are often premiered at these events.If you really would like to go to Cannes in May next year or to Venice next September you should take steps now to put your secured loan in place, as these two festivals are extremely well attended and hotels and restaurants are fully booked months in advance.Courtesy of your secured loan you could if in Cannes stay in the star studded Carlton Hotel and reside in it’s best suite “The Sophia Loren  Suite” named after the famous Italian actress who makes the Carlton Hotel her home from home when attending the festival there. When in Venice you really must enjoy a gondola ride, but ask the cost in advance as the charge for a short trip can be of epic proportions. Visit the famous Harrys Bar where you may even bump into your favourite film star. This bar was where the Bellini cocktail was invented and so you should really try this wonderful concoction of Champagne and peach juice. It is trully delicious when properly chilled. The five star Danielli hotel makes a wonderful base for your stay in Venice, and a motor launch belonging to the hotel can be arrangd to pick you up at the airport on your arrival, making you feel like an A lister yourself. Everyone deserves a treat sometimes in life, and your secured loan can afford you a wonderful treat.