credit with bad credit Article

Below, you'll find extensive information on leading credit with bad credit articles and products to help you on your way to success.

Top-up Loans Advice
By Peter Kenny -
If you have a mortgage and are in of more money to help you pay off debts or finance home improvements, then you should consider getting a top-up loan. A top-up loan can help you to put your finances back on track without having to pay vast amounts of interest. If you are unsure about top-up loans and how they can help you, then here is some information to help with your decision.

What are top-up loans?

If you have a mortgage loan, then it is likely you can apply for a top-up loan. A top-up loan is in essence a loan given to you at the same rate as your mortgage. It is not a remortgage, but rather a ‘top-up’ of the amount you borrowed. This amount can be used for a variety of purposes, including debt consolidation or home improvements.

How much can I borrow?

The amount you can borrow varies depending on the value of your property and how long you have been paying back your mortgage. If you have been repaying your mortgage for less than one year, it is unlikely that you will be eligible for a top up loan. Usually after one year of repayments you can borrow an amount around 10-20% of your mortgage value, and then after two years this might go up to 30%. A top-up loan of 30% is often the highest you can possibly get.

You can borrow more for less

The primary advantage of a top-up loan is that you can borrow more money than you would be able to with an unsecured loan, but at a much lower cost. You will only be paying the same interest rate as that of your mortgage, meaning your repayments will remain low. If you need to borrow a large amount of cash, then a top-up loan is one of

Wall Street Fraud Watchdog Warns All Investors About Wall Street Brokers and Banks Over Cash Equivalents
The Wall Street Fraud Watchdog is warning investors worldwide to be very careful of what Wall Street calls cash equivalents, such as failed, frozen, or devalued auction rate securities, products like Schwab Yield Plus and or a product sold by TD Ameritrade called Reverse Yield Plus. According to the group,"if you were sold one of these products, and your investment was devalued, or frozen, we want to hear from you. While we are on the topic, we are warning all investors to have your broker or bank investment advisor confirm in writing that your US tax free municipal bonds or VRDN's are 100% safe. We do think a US stock broker or bank investment advisor will put in writing that the US tax free Muni is 100% safe. We expect the US Municipal Market to crash in 2009, because of dramatic declines in US property tax & retail sales tax revenues." Investors or victims can contact Americas Watchdog's Wall Street Fraud Watchdog anytime at 866-714-6466, or visit their web site at Http://WallStreetFraudWatchdog.Com for more information. (PRWeb Nov 20, 2008)

the cheapest ways to do this.

No tax benefits

Although the interest rate is low like a mortgage, the loan is treated as a personal one, and therefore does not have the same tax benefits as a mortgage. There are no tax benefits on the interest of a top-up loan, so you cannot save money this way as you could with a remortgage. However, a top-up loan does not have the same costs associated with a remortgage, so it is cheaper and quicker to set up.

Risking your home

Although top-up loans are treated like personal loans in terms of tax, they are still secured using your mortgage and home, and so there is a chance you will lose your home if you do not keep up with repayments. Make sure you can keep up with the repayments even when times are tough, and only borrow what you really need.

Are top-up loans worthwhile?

Top-up loans are very worthwhile for homeowners who want to borrow a large amount of cash at a low price without having to remortgage. They are especially good for home improvements, as you can make back the cost of the loan by adding to your property value. However, if you are looking to borrow a smaller amount over a shorter time, then getting a personal loan might be cheaper and less risky.

Article Source: http://www.articleblender.com

Peter Kenny is a writer for The Thrifty Scot, please visit us at Poor Credit Loans and Loan

Pic

Pic