Secured Loans
Often seen as less risky than a bank loan, a secured loan is often a good option if you wish to borrow larger amounts of money.
We're talking figures of £10,000 to £50,000 but it is not unheard of to be considering up to £100,000. The idea is that you as a borrower are offering collateral for the amount you wish to borrow using the equity in your property. This can reduce the risk to your bank or other loan providers.
The amount you borrow will incur monthly repayments at rates determined by your lender and there is a certain importance connected with making each monthly repayment on time. Falling behind on a secured loan could result in you losing your property.
Loans secured against a mortgaged property are known as Second Charges. A first charge is a loan secured against a house that is owned outright.
The size of the loan and the terms set for its repayment and interest rate will depend not only on the equity in the property but also on your personal circumstances and whether your lender believes you can afford the monthly payments comfortably.
There are lots of things to consider with a secured loan so please get in touch with us so we can help you with you decision on a loan secured against your property.
For secured loans we act as introducers only
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.
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