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Guide To Borrowing

Borrowing in the UK takes a number of forms, including mortgages, credit cards, loans and overdrafts, and most UK residents have had to rely on one or all of these methods of borrowing money at one time or another.

In recent times borrowing has hit the headlines with many stories of people getting into serious debt, but while itís best not to get into debt, not all debt is bad, particularly if you know how to manage it.

If you are planning to borrow money then you should always take the time to assess your financial situation to work out how you will pay the money back. This will also help you to figure out the type of borrowing you need to consider. There are pros and cons to all types of borrowing but there are several good reasons why people donít buy houses on their credit card for example!

The other thing you should make sure you do is shop around for the best deals on borrowing. Just because youíve been with your bank for the past 10 years doesnít mean they will offer you the best deal on mortgages, loans and credit cards, but you also shouldnít rule them out straight away. Looking for competitive borrowing deals involves trawling the financial services sector for great deals and offers, this can be done by phone or on the internet and a good place to start may be the best buy tables in the newspapers.

However, most people are unable to invest that much time into looking for borrowing options and assessing the merits of a particular loan or credit card, which is where an IFA can help. An IFA (Independent Financial Advisor) can help you to assess your situation and offer useful advice on what you can realistically afford to borrow, then offer suggestions for appropriate loans, mortgages, credit cards and so on.

If you need the services of a financial advisor or a financial institution, why not check out our financial services listings for your area.

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