Like many major lenders, Lloyds Bank has significantly expanded its mortgage product catalogue in recent years. Tailored services are now available for first-time buyers, buy to let investors, commercial customers and those looking to re-mortgage their home for any purpose. They’ve also recently introduced a useful mortgage calculator, providing a quick and easy insight into approximate borrowing costs.
If interested in comparing secured loans from major banks like Lloyds and independent lenders across the UK, be sure to check out our own online loan calculator. Whether you’re looking to purchase a property or access a secured loan for any purpose, we’ll scour the UK for the very best deals on the market.
Minimising Mortgage Costs
Most borrowers simply assume that they’re powerless against lenders’ interest rates and borrowing costs. In reality, there’s plenty any prospective borrower can do to keep secured loan costs to absolute minimums. If planning to apply for a mortgage or secured loan for any purpose, it’s worth carefully considering how you yourself can impact the price you’ll pay.
For example, it’s always a good idea to keep a close eye on your credit score. While some lenders don’t check credit ratings when providing secured loans, major names like Lloyds bank always base their decisions on credit scores. Just to be safe therefore, it’s worth ensuring your credit report paints a positive picture of your financial status.
Perhaps the most important rule when looking to minimise mortgage costs is to ensure you shop around. As mentioned, we offer an easy to use online loan calculator, which can be used to quickly pinpoint the perfect loan product for your needs. We also provide comprehensive and fully independent brokerage services, helping our clients access the best deals the UK market has to offer.
If you’re looking to take out a secured loan, you could always provide collateral that exceeds the total value of the loan. The greater the value of the collateral, the lower the risk to the lender and the better the borrowing costs as a result. If you’re confident you can repay the loan as agreed, putting a little more underline the necessary can prove economical.
Then of course there’s the option of shortening your loan and paying back the balance at the earliest possible stage. This is precisely where the benefits of dynamic financial products like bridging loans come into the equation. The quicker you repay the loan in full, the less you can expect to hand over by way of borrowing costs.
Consider All Available Options
While most borrowers make a beeline for major bank names like Lloyds Bank, there are always alternative options to explore. Some of which could prove to be far more appropriate for your needs and your budget. Our exclusive network of independent lenders across the UK enables us to access incredible deals and discounts you won’t find elsewhere.
So before signing on the dotted line, contact a member of our client support team to find out what we can offer you.