Secured Loans - Rates from 2.9%, with no upfront fees!
A secured loan, also known as a second charge mortgage, is a loan that is secured against a property that is already mortgaged. It works in the same way as a mortgage and the application process is the same.
If you’ve been refused a further advance or a re-mortgage on your property, a secured loan offers you another route to raising funds. Lenders offering secured loans are usually more flexible than mortgage providers and therefore if you have a less than perfect credit record, a secured loan might just be the answer. We can consider clients with bad credit history. If your existing mortgage is on a low rate, you may not want to re-mortgage the entire borrowing to a new lender, at what may be a higher rate.
You may face redemption penalties if you take your mortgage away from the current mortgage lender, which negates any benefit in such a change. A secured loan avoids both situations by leaving the existing mortgage untouched, securing the new loan behind it.
If left in our reputable hands, you can rest assured you will be provided with a deal that best suits your needs, with instant quotes.
Subject to your personal circumstances, secured loan key features include:
• Rates from 2.9%
• Borrow £5,000 to £2.5m
• LTV up to 100%
• Flexible lending
• Independent from existing mortgage
• Residential, Buy to Let & Commercial property accepted
• All types of credit history considered (CCJ’s, Arrears & Defaults)
Second charge mortgages from 5.1% APRC. Second charge mortgage representative example (If you choose to add fees to the loan).Assumed borrowing of £35,000 over 120 months, plus a broker fee of £2,870 and lender fee of £367.50 would result in monthly repayments of £476.14, the borrowing rate is 8.6%, the APRC is 11%.
Guaranteed Best Rates Available
Reason to choose a Secured Loan
Personal loans are usually only available up to £25,000, so a secured loan or homeowner loan is a good option if you require a larger sum of money, as long as you have a realistic repayment plan.
Keep your low rate mortgage and avoid hefty exit fees
Should you have a low rate mortgage it may not be possible to remortgage to an equivalent or lower rate, plus some lenders may charge hefty exit fees.
Loans for any purpose, including business use.
Secured loans can be used for most legal purposes. Due to the larger loan amounts and longer repayment terms available popular loan purposes can be home improvement, home extensions and debt consolidation.
Our advisors will work hard to try and find you the most suitable option from our range of standard variable, tracker and fixed rate secured loans, based on your needs and circumstances. They will also offer transparent information about any fees that apply to your secured loan and what they mean to you, and your future plans.
Do you qualify for a second charge loan?
Second charge secured loans can be considered under the following circumstances;
- You must be a homeowner to get a second mortgage, although you do not necessarily need to live in the property.
- Secured loans can be arranged against residential, buy to let and commercial properties
- You must have equity available in your property to secure the loan against
- Must be able to prove your income and ability to repay
- Must be at least 18 years of age and “the property” must be in the UK
- Overseas applications welcome
Second Charge Secured Loan Purposes
Secured loans can be made available for most legal purposes, including;
- Settling tax bills
- Raising a deposit for property purchases
- Raising funds for business investment
- Home improvements
- Debt consolidation
- School/university fees
- Car purchases
- Dream holidays
How Much Equity do you need?
A typical loan to value would be around 85%, but we have plans that allow up to 100% of the property value.
The higher the equity that is used the more expensive that loan rate.
What fees can you expect to pay.
There is usually a Valuation fee which will depend on the property value, but we have other options of a drive by valuation at a much lower cost or even a desktop valuation which is free.
A broker and lender fee is also payable, but can be added to the loan, see your Illustration for details.
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