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 4.5%
  • Loan to value – maximum 95%
  • Loans from £3,000 to £200,000 (higher by referral)
  • 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

Early settlement - usually 1 months interest is charged plus 1 month notice when redeeming your loan early. Although one of our lenders does only charge a £195 early repayment charge.

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. 

Typical APR 11.1% - 2 out of 3 of our customers receive this rate or lower.

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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Tel: 01738 583008 | Fax: 01738 500402


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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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