Secured loans

A secured loan is a loan taken out with property used as security. This is usually done by means of a loan as a second charge against your home. (Sometimes a 3rd charge may be available). The most common reason for taking out a secured loan is where a borrower does not want to remortgage the property as they would surrender a low current rate of interest, or may be within a redemption period for the original mortgage, which could mean paying several thousand pounds for surrendering the mortgage early.

The secured loan can usually be used for any reason.

Secured loans are currently available up to 100% of the property value, subject to income and credit status. (Loans from 7. 7% Variable. typical APR 11 55%)

Initial assessment can be made quickly, however loans under £25,000 are regulated (From April 2008,loans above £25000 will also be regulated) and a consideration period will be given to allow time for borrowers to assess the implications of the credit agreement, and to ensure that they are fully aware of all the terms and conditions.

Enquire online NOW via the secured loans icon on our home page.

Some types of loan are not regulated by the Financial Services Authority.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

For more information contact us