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Interest Rates
Please visit our other pages for
interest rate best buys:
If we have to borrow money it makes sense to borrow at the
lowest interest rates possible. To help us, the government has created an objective measure to compare the cost of different financial products, which all lenders must provide - it is called the annual percentage rate or APR.
The APR measures the total annual cost of credit including all charges, such as arrangement fees.
Interest rates vary depending upon what sort of financial product you choose. The main difference is whether a product is secured or unsecured on your home.
Examples of secured products are
mortgages and
secured loans, sometimes called second mortgages.
Unsecured loan products include bank overdrafts, personal loans and credit card balances.
Secured products are the cheapest way to borrow money as lenders enjoy great certainty that they will be repaid. A mortgage is the first charge on your home as stated on your property title at the Land Registry. Other charges are also listed.
Your mortgage should therefore carry a low interest rate and it makes sense to remortgage from time to time if you build up expensive debt.
Unsecured products are easier to arrange than secured products and you are not putting your home at risk. However, unsecured products carry
higher interest rates.
If you only have a short term borrowing requirement it may be sensible to arrange an overdraft with your bank or even borrow using a credit card, especially if there is a zero rate balance transfer period. Personal loans are suitable if you want to borrow over a fixed term and at a fixed interest rate.
When you borrow it is important that you choose either a
fixed or variable rate product to suit your circumstances. Borrowing at a fixed interest rate provides certainty but may not be the cheapest way to borrow. Fixed rates suit borrowers on fixed incomes or tight budget budgets.
Variable rates can be cheaper but the borrower is exposed to interest rate volatility, which is unpredictable.
The huge number of financial websites on the internet makes it easy to shop around for a good deal. We recommend visiting
price comparison sites, such as moneysupermarket.com, moneyfacts.co.uk, moneynet.co.uk and beatthatquote.com.
Burtplan Personal Finance
Applying for
loans, mortgages and
remortgages could not be easier: Burtplan Personal Finance have a no hassle promise and will help you take control of your
Personal Finances today!
As a major
UK loan broker we only get paid if we get your loan paid out. Therefore we do everything we can to get your loan paid out as
quickly as possible at the
best loan interest rates and
monthly repayments to suit your circumstances.
Apply for a personal secured loan or homeowner loan quotation.
Burtplan Personal Finance will
compare secured loans, personal loans and remortgages to suit your circumstances while achieving the
lowest interest rates available from the leading UK Personal Finance Lenders. We also offer
business and commercial mortgages.
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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