A secured loan or second charge is finance borrowed in addition
to a pre-existing mortgage. Secured loans are only available to homeowners
and work in the same way as a mortgage, with the credit placed against
the value of the property. Although there are some similarities between
a secured loan and a mortgage, the two products are completely separate.
A secured loan is a different product to a further advance on an existing
mortgage that you may have. We can refer you to our panel of lenders
for secured loans. Our panel consists of: Loan Options and Loans of Choice.
Loan Options are a reputable secured borrowing lender that we can refer
you to:-
Loanoptions.co.ukOne of the main benefits of secured loans is the fact
that they are not linked to the borrowers existing mortgage. By keeping
these separate, a secured loan can be taken over a shorter term than
the main mortgage account. For example, if an applicant has 40 years
left to repay their main mortgage, they may not want to borrow an additional
sum and have to pay interest over such a long period of time. Secured
loans can be taken over terms from 5 to 25 years. Similarly, if a borrower
is currently on a fixed rate for their first charge, they may not want
to expose their entire mortgage account to a higher rate by remortgaging,
particularly if their credit status has deteriorated. They may even have
been declined for a further advance on their existing mortgage.
We can refer you to Loan Options for secured loans. Please contact us
for further details.
Think carefully before securing other debts against
your home. Your home may be repossessed if you do not keep up repayments
on your mortgage.
Secured loans are not regulated by the Financial Services
Authority.
