Secured Loans

Secured loans provide people with assets with a way to borrow money and use their existing asset (usually a property) as security. ‘Secured’ lending unlike unsecured lending refers to a lender requiring an asset as security in case you cannot make the repayments of the loan. Secured loans are also known as Second Charge Mortgages (or First Charge Mortgages if there is no mortgage).

Why take out a secured loan?

One advantage of taking out a secured loan is you will typically find the interest rate lower than unsecured loans. This is due to the element of risk for lenders being lower. However, if you cannot make your repayments, you can run the risk of your home being repossessed.

Another advantage of taking out a secured loan is you may be able to borrow more than you would if you applied for an unsecured loan, again because the lender will see you as less of a risk. You can also spread repayments over a much longer timeframe similar to a mortgage.

Secured loans are often used to fun major home improvement projects and for other purposes where an unsecured loan is unlikely to provide enough funds such as a deposit on a second property.

How we can find you the best secured loan?

There is no shortage of secured loan providers out there – even your current mortgage lender may be willing to provide you with additional borrowing. As with any major financial commitment, however, it is absolutely essential to shop around and then have a good look through the terms and conditions of any loan.

Using an independent broker like us means we will do all this work for you, so you don’t end up paying substantial repayment fees or more interest than you need to on your loan. We will also help you organise everything you need for your application to ensure the whole process is smooth and hassle free.

Talk to one of our qualified advisors today to get started with your secured loan.

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