Secured loans are an effective way of raising money for larger projects such as home improvements, maybe converting the attic, building an extension or a conservatory. Secured loans can also be used for almost any purpose such as buying a newer car, a dream holiday, wedding, paying for school fees, or a popular reason is for consolidation of other debts such as loans, credit and store cards.
The consolidation loan would clear all those other debts with one larger loan which could be taken over a longer repayment period, up to 25 years. That would mean one monthly repayment instead of different payments every month to loans, credit cards, and store cards. The new loan would also reduce your monthly payments.
A secured loan is available to homeowners who have some equity in their property. As the lender offering the finance (which works just like a mortgage) has the security of the equity in the borrowers property they will often accept applicants who have been turned down for an unsecured loan. Since they have the security of the equity in the property it is a lower risk for the lender. Equity can be calculated by taking the amount outstanding on the mortgage from the market value of your property.
Secured credit allows homeowners to borrow larger amounts over a longer repayment period than is possible with an unsecured loan. Secured loans are normally faster to obtain than remortgages and applicants are not charged any survey fees or legal fees. We offer a free, no obligation search.
Secured loans are a great option for homeowners who are traditionally regarded as higher risk because they are self employed, maybe unable to prove their income, recently changed their job, moved house, had problems with credit in the past, have defaults or CCJs, or even failed in their application for an unsecured loan. Many people have a large amount of equity tied up in their property but are unable to use that money unless they sell their home, secured loans free up that money, which is the perfect answer.
Secured Loans are available from 10,000 up to 250,000 with repayments over 5 years up to 25 years. We can search over 500 plans for you if you complete our short loan application form. |
