Secured Loan
Secured loans also known as second charge loans or homeowner loans are secured on your property by the lender as 'collateral' in the event of a default. This means that the lender has a lower risk of losing any money and can, as a result, offer a secured loan at a lower APR (Annual Percentage Rate) than an unsecured loan, which has no security and which is often very difficult for low credit rated clients.
The advantages of secured loans
A secured loan has several advantages compared to an unsecured loan. Firstly, a secured loan is easier to obtain, even if you have an adverse or bad credit history. Mortgage arrears, payment defaults, CCJs will not stop you from getting a secured loan or homeowner loan, although the terms, particularly the interest rate, will reflect your financial history and present circumstances. If you have a good credit history, many lenders will offer secured loans of more than the equity in the property, usually up to 125.
A secured loan is quick and straightforward to arrange. Since you can keep your existing mortgage in place and you don't need to sell your home or move house and the security is assured, a secured loan
What would you use secured loans for?
Secured loans - you can be use the money for absolutely any purpose you choose. You can consolidate all your debts into one monthly affordable payment, you can pay off all your store or credit cards, improve your home or simply use your cash buying power to negotiate the best deals on something like a new car or holiday of a lifetime.
Speak to us now and release the money tied up in your home
- raise capital for almost any purpose
- No Solicitors or Valuation Costs
- excellent tool for consolidation - enables you to incorporate into 1 monthly payment
- borrow up to 125% of your property value
- defer your 1st payment for up to 6 months
- no need to prove income even if you are employed or self-employed
- mortgage arrears & CCJ's accepted
- bankrupts & IVA's accepted
- borrow up to £250,000 for most purposes
- borrow even if you have no equity
- avoid early repayment charges on existing mortgage
- no higher lending charge
- can borrow even if poor credit rating
- very fast loans – usually agreed on same day!!
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
