Secured Homeowner Loans UK
A secured loan in essence is a second charge mortgage. It allows you to raise a loan secured against your property without affecting the existing first charge mortgage. The loan is based on the value of the property as well as the outstanding mortgage.
*All rates quoted are subject to individual circumstances
Reasons you may require a secured loan:
- Home Improvements
- Raise a deposit to purchase another property
- Debt Consolidation
- Capital injection into business
Advantages
- Larger loan amount available in comparison to unsecured or personal loans
- Longer loan terms as the secured loan could run as long as your mortgage, where as personal loans are usually restricted to a 5-7 year term. This means you could have access to lower monthly payments.
- Lower interest rates in some cases compared to a personal loan as the lender will be securing against a property.
- Access your equity without having to re-mortgage which could prevent any early repayment charges being payable.
If you have queries visit the secured loan FAQs page or contact us with your query and we will respond promptly.