Secured Loans

Secured Loans Explained

• Loans secured against a property that is already mortgaged are known as secured loans or second charges
• The interest rate you pay depends upon the equity in your property, the lender’s view of your ability to repay the loan and your personal circumstances, e.g.
  • Employment status
  • Credit status
• Secured loans are useful for larger amounts or where the you require a longer repayment period
• Speed - a secured loan typically completes within 3 weeks of application
• There are no upfront costs

When is it time to consider a secured loan?

• When you are already on a competitive mortgage rate
• When you are tied into a mortgage with expensive Early Repayment Charges
• When you need funds quickly and are happy to use the equity in your home as security
• When you need funds with no upfront fees to pay
• When your credit status has changed for the worse
• When only 1-month’s notice of repayment, with 1-month’s early redemption penalty is important
• When your general circumstances changes i.e. you become self employed

Basic Criteria

• Up to 90% LTV
• £10,000 – £100,000
• Loan term from 60–300 months
• CCJ’s and Defaults accepted
• Mortgage arrears accepted
• Self employed loans available with and without accounts
• Ex bankrupts & current IVA’s accepted