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Cheapest Loans
Probably the cheapest loans that you will ever be able to make is through a student loan. This is a loan that you can take out whilst you are in higher education. You can apply through your local awards authority (local being where you live not where you study) and there are specialist student loans companies that will lend you the money. Interest is based on the rate of inflation (e.g. around 2.5%) and whilst it is charged immediately you receive the money, you do not have to start paying the money back until the April after you leave university, and then only if you are earning over £10k a year.
The career development loan runs along the same lines and is also one of the cheapest loans you will get. However, this is related to a course that is strictly vocationally related, and will cover you for up to two years of training plus one years' practical work experience if needed. You do not have to start paying this loan back until a month after your training ends, and the interest is paid by the department for education and skills (DfES) during the course. Note, however, that your course should be vocational, as you have to start paying the loan back one month after the last day of your training, whether or not you are earning.
The next cheapest way to borrow money is related to a mortgage. A Current account mortgage is a mortgage that combines flexible additional borrowing with a home lending. These are effectively an overdraft the size of your mortgage, and you can pay this off at any rate that you wish, or take money from it up to a limit, all at the mortgage rate. This is a very cheap way to fund larger purchases that you may wish to make such as a car.
If you have a normal mortgage, most lenders will have a deal for people who want to make improvements to their homes, such as a new kitchen or bathroom. Most mortgage lenders will offer an additional advance to fund this, at or near their standard mortgage rate. Because this money should add value to the house, it is a low risk way to borrow.
If you are a homeowner but the above routes are not available to you, you can borrow money "secured" against your home. The lender will take your property as collateral against you not paying back the money. Be careful with this though. Many people take out secured lending for small amounts, or to pay off other debts, and are betting their home against being able to pay back this relatively small sum.
Frequently Asked Questions
Do certain companies specialise in students loans?
What is the difference between a bank loan and a personal loan?
Will I be able to get a loan if I have bad credit?
What is a bridging loan?
How do I find the cheapest rate for loans?
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