The Best Secured Loan For You!

Which loan is the best?

Most importantly the interest rates on a secured loan are normally a great deal lower than the rates on unsecured borrowing, but they do vary from lender to lender.

There are several advantages to secured loans. First, you can borrow a larger amount with a secured loan than with a personal loan that is unsecured. For example, many banks and building societies will lend up to £150,000 on a secured loan. With a personal unsecured loan, the maximum advance you are likely to get is £20,000 but this could be far less.

Lenders will more than likely take into account your credit score when they set the interest rate for a secured loan. However, they tend to be more sympathetic to borrowers with poor credit scores because the loan is secured against your property which will help keep the rate acceptable.

You can also take longer to pay back the debt – a term of 10 or 25 years is not unusual with a secured loan, as opposed to 5 or perhaps 10 with the unsecured option.  A longer term usually means lower monthly repayments, but it’s important to remember that you will pay more in total interest if it takes a long time to clear the debt.

Secured loans are often used to finance home improvements or to consolidate other debts and can be a credit lifeline. This form of lending is becoming more popular by the day and lenders have adjusted to match the increasing demand. Usually the borrower requires the funds to be released quickly and secured lending meets that demand well.

Need some advice?

If you are looking to raise capital from the equity within your property please make contact and one of our fully qualified advisors will be happy to assist.


secured loans

Second Charge For Home improvements

Second charge mortgages are being used for home improvements more and more as well as debt consolidation in 2016 the latest research has revealed.

Between January and August this year one in three (33%) second charges were used for home improvements, twice as many as a year ago, while 75% of customers used second charge for debt consolidation in 2014 compared to 36% in 2016.

Since the Brexit vote second charge loan enquiries have been increasing at a rapid rate. Reports suggest homeowners are looking to improve their current properties rather than move. Debt consolidation is high on the agenda of the majority of homeowners as unsecured debt is very expensive when compared to secured lending.

Second charge lending is growing very quickly in stature and one of its big appeals is the speed of advancement. On average a second charge loan is completed within 21 working days, this of course depends on the complexity. This financial year has seen interest rates drop to the lowest ever recorded in this field of lending.

If you are looking to raise money from the equity within your property this type of loan should be given serious consideration. There are many options open to a homeowner to raise cash including a re-mortgage and you should seek professional advice as to the best loan to suit your needs.

Need some help?

There are many different lenders offering numerous second charge loans. If you think this could assist you with your future plans please make contact with one of our qualified advisers.

Home improvements






Boom On 2nd Charge Lending

2nd Charge lending boom

There is little doubt secured lending popularity is increasing daily. Second charge mortgages have increased this year month on month and continue to do so.

Since the Brexit vote enquiries have increased substantially as homeowners look to reduce other expensive unsecured debt. Unsecured debt can be very expensive, second charge lending can offer large savings to the monthly budget.

This type of lending is so easy and quick to secure lenders are increasing their portfolios at a rapid rate. An average case presented will complete in approximately 28 days, this is far quicker than the standard re-mortgage.

Interest rates and fees are reducing as well as lenders see this market as a growth area in the longer term.

One of the biggest growth areas of loans is to the self-employed and the good news is there are plenty of different plans to suit each individual case. Loans can be a fixed rate or standard variable which ever suits the household budget.

This is a rapidly expanding area of lending and products are increasing to match the demand.

Need some assistance?

If you think this type of loan could assist you in your future planning it is very important to ensure you get the correct deal to suit your needs. There are many different lenders offering numerous second charge loans so please do call our advisers who will be happy to help you achieve the correct loan for you.

Flexibility Of Second Charge Loans

 Second charge offers flexibility:

Second charge mortgages or loans have always offered have much more flexibility on the approach to lending, largely because lenders tend to make more bespoke decisions. And that is only getting better particularly for those master brokers and packagers who can offer a range of solutions.

Second charge lending is becoming more popular every day due to the flexibility and now the reduced interest rates on offer. Five years ago second charge lending was the “poor relation” to a re-mortgage but this is no longer the case. Lenders have seen the growth potential in this area of lending and have responded with really competitive products to meet the majority of needs.

First charge mortgages are pretty vanilla in what they offer. Basically if you don’t have the deposit for example, you can’t get a loan. It really is that straight forward. Brokers have always aired their gripes about how these products are just not responding to the ever changing market place – older borrowers, self-employed, and those who may have on going debt problems.

If you are looking to raise capital on the equity within your property a second charge loan may well suit your needs. This is not always the case and you should seek professional advice to ensure this is the correct route for you to follow. Please do make contact with one of our fully qualified advisers who will be happy to assist.