Secured Homeowner Loans
Secured loans, also known as Second Charge Mortgages, allow you to borrow money secured against an asset that you own as collateral. This asset is usually your home or a buy to let property, and this is why you might hear secured loans being referred as homeowner loans or second charge mortgages. It can be a great way to raise funds without having to re-mortgage, especially if you do not wish to move away from your current mortgage deal.
Secured Loans can be an attractive option for those looking to borrow large amounts of money for a number of purposes including debt consolidation, home improvements, vehicle financing etc.
Existing lenders permission is needed in order to secure a second charge on your property. The second charge rates available to you will likely be higher than the rate of your first mortgage, as
second charge lenders are taking on more risk if you were unable to keep up repayments on your mortgage and your property was repossessed.
How can a Secured Loan help you?
Borrow any amount from £10,000 to £500,000
A range of competitive fixed, discounted and variable rates products available. The rate offered will depend on your circumstances.
Repayment terms of 3 to 30 years helps to keep a more manageable monthly payment, making it more affordable by spreading the cost.
Allows you to keep your existing low rate mortgage product.
It can be a cheaper alternative to remortgaging as you might be tied into your mortgage product and have high exit charges.
As everyone’s individual circumstances vary, it is very important that the decision to borrow any finance is made after careful consideration. To learn more about secured Loans and to discuss your options, contact us now. With our access to a number of secured loan lenders who can cater for all circumstances we can provide you with a free no obligation quote showing the best products options available for you.