Introduction to Secured Loans

A secured loan is quite simply a personal loan that uses the free equity in your property as security. You need to own your home and already have a mortgage in place therefore the secured loan is typically referred to as a ‘second charge’. As an independent loan broker we deal with a panel of lenders and search the market on your behalf for the best deal.

Popular reasons for needing a secured loan:

  • Debt consolidation – reduce monthly credit commitments by up to 50%
  • Capital spending – car, boat, home improvements, holiday
  • Tax bill – stop HMRC pressure
  • Protect a low mortgage rate – your mortgage lender may want to increase your current rate if you apply for a further advance
  • Deposit for additional investment properties
  • Credit repair

Summary of criteria

  • Annual rates from 3.73%
  • Loan to value – maximum 95%
  • Loans from £5,000 to £2,500,000
  • Terms – from 3 to 30 years
  • Age range – from 18 to 85 (at the end of the loan)
  • Many income sources are acceptable – DWP, second jobs, maintenance, pension income
  • CCJs, defaults, mortgage arrears and low credit scores are acceptable on many plans
  • Interest only is available with some lenders
  • Buy to let or investment properties can be used as security
  • Interest only is also available on selected plans
  • 3rd charges available

As an asset backed facility, a secured loan can offer much more flexibility than an unsecured loan. For example, larger loans (typically those over £25,000) over longer terms (over 10 years) or where clients have been declined for a personal loan. Although in many cases an unsecured loan can work out cheaper than a secured loan and they can have a much simpler application process, this solution may not always suit.

If you have landed on this page and you are not a direct client looking for a lending solution, perhaps you are interested in introducing business to us. If so please either call for more details or follow the Introducers link. 

8.3% APRC Representative. This means that 51% or more of our customers receive this rate or better.

The Lending Channel is a broker not a lender using a representative panel of lenders to source suitable lending solutions. The Lending Channel is authorised and regulated by the Financial Conduct Authority. Firm Registration no. 626787.

Representative example: If you borrow £27,000 over 240 months at a fixed borrowing rate of 6.555% per annum for the first 36 months, followed by 204 months at the lender’s standard variable rate of 6.305% above their base rate. Repayments would be 36 monthly instalments of £226.10 followed by 204 monthly instalments of £226.10. Total amount payable, £54,359 including loan amount £27,000; interest £24,164; broker fee £2,700 and lender fee of £495. The overall cost for comparison is 8.3% APRC.

A broker fee of up to 10% of the net loan up to a maximum charge of £5,000 will be charged. Maximum APRC charged is 19.9%.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

LOANS SUBJECT TO STATUS AND SECURED ON RESIDENTIAL PROPERTY BY WAY OF SECOND CHARGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, THIS MAY INCREASE THE TOTAL AMOUNT YOU WILL REPAY.

 



 
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Tel: 01738 583008 | Fax: 01738 500402


The Lending Channel is authorised and regulated by the Financial Conduct Authority. Company number SC334818
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT
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