Loans

Secured Loans

Secured loans, sometimes also referred to as ‘Homeowner Loans’, are most often used either as a way of consolidating other debt or funding home improvements. A secured loan represents an alternative to a remortgage in a variety of circumstances.

Perhaps your current mortgage would be liable to heavy redemption penalties if you were to remortgage immediately – a secured loan allows your present mortgage to remain in place whilst borrowing the sum you require from another lender who takes a ‘second charge’ on your property as security for the advance.

Maybe you have tried for a further advance or remortgage but cannot raise the amount you need because of insufficient income. Secured loans are assessed on affordability modules rather than just income multiples and therefore you may well qualify for the amount you wish to raise via a secured loan rather than a remortgage.

Another scenario could be that although your current mortgage is not subject to redemption penalties, your circumstances have now changed. Maybe your credit history is not as good as it was when you took on your present mortgage, or perhaps you have recently become self-employed and unable to prove your income - secured loans are also available without proof of income. Therefore perhaps you would not qualify for a remortgage at the same competitive rate as you are currently enjoying. By keeping your existing mortgage with your current lender and taking a secured loan you could be better off than by remortgaging to a sub-prime lender.

You could be considering raising money for a holiday, new car, wedding, school fees etc and do not want to pay for this over a long period of time – perhaps preferring a 5 to 10 year term as being more appropriate.

To find out whether a secured loan would benefit you please phone us or fill in our enquiry form.

Unsecured Loans

Unsecured loans are available to tenants and homeowners with a good credit history. Typically the term of an unsecured loan will be from one to seven years (depending on the lender) with a maximum loan of £25,000. All unsecured loans are subject to status. If you would like more information or a quotation please phone us or fill in our enquiry form.

NEED ADVICE?

If you need advice on arranging a mortgage please either call us free on 0800 542 7720 or complete the enquiry form so that one of our fully qualified advisers can call you at a convenient time to discuss your requirements in detail. We can, if required, arrange home visits anywhere in the country.

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