Secured Loans ukCollateralised loans Great Britain
CONSIDER YOU THINK BEFORE YOU HEDGE OTHER PEOPLE' DEBT AGAINST YOUR HOUSE. YOU CAN REPOSSESS YOUR HOUSE IF YOU DO NOT MAINTAIN THE REPAYMENT OF YOUR LOAN.
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For information on secured creditors, click here or continue reading for a guidebook on how where you reside affects what you can lend. First, it is important to determine where the real estate that is being provided as collateral is situated. As a rule, the collateral location is the primary domicile of the borrowers. This is not always the case, however, e.g. a French resident can take out a credit secured on a real estate leased in the UK.
Once we have determined the whereabouts of the secure home, however, we can see which creditors are willing to provide the loan. They might have expected creditors to prefer real estate in the southeast, but that's not really the case. However, it is not a directive for secured credits. For secured loans, the choice of where to grant credit in the UK is likely to be determined by the regulatory environment and the facility with which creditors can obtain collateral.
Thus if a creditor is going to be lending anywhere, this is where they are starting. Living in England or Wales gives you the widest selection of creditors to do deals with. However, some creditors are not interested in lending real estate on the remote Isles, such as the Outer Hebrides.
However, there are still creditors available so you can call us if in doubt. Although it is uncommon, there are cases where a creditor can deny credit in a particular road or area.