Secured Loans in the UK
Choice Loans is in a privileged position of having access to ALL Secured Loan lenders in the market so your application is assured of getting the best deal available. Secured Loans are currently available
Up to 95% LTV (Loan to Value) of your property
Up to 85% LTV for Self Employed
Up to 75% LTV available --> regardless of your credit history!
Up to £10,000 available to Home Owners --> regardless of LTV!
Loans From £5,000 to £500,000
With terms of up to 30 years available
Even if you have CCJs or arrears, we can help
Use a Secured Loan for home improvements, a special purpose or to consolidate your debts into one low monthly payment
You can fix your repayments for up to 5 years for extra security
As well as Secured Loans in England, Scotland & Wales we can now provide limited Secured Loan finance in Northern Ireland of up to £10,000
Benefits of Secured Loans:
You can borrow more money than you can with an Unsecured Loan
Payments can be spread out over longer periods for lower monthly repayments
Secured Loan rates are generally a lot lower than many other forms of debt like Credit cards or Store cards so they can be used to consolidate debt at a lower rate
Secured Loans are also available to Self Employed and Company owners
Individuals with poor credit histories can get credit with a Secured Loan and utilise it to rebuild their credit record. They can take a loan at a higher rate and as long as they make all payments in the next year they will likely be able to refinance it onto a lower rate after 12 months
Uses of Secured Loans:
Although the security used for the loan must be your house (as a second charge behind your mortgage) you can use the money for anything you like. Most people use it for home improvements, an extension or a new kitchen or bathroom, but you can also use it to buy a car, pay tuition fees, refinance existing loans or even for a treat like paying for a holiday. In fact you can use the money to purchase whatever you like but the security offered always has to be your house. That is the beauty of a secured loan.
The Secured Loan Application process:
The first step in applying for a Secured Loan is our application form opposite. This gives us enough information to both conduct a credit check (please note that in submitting our form you agree to have a credit check done) and to look at some preliminary options for you. Once we have received it, it will be reviewed and you will be called by one of our specialist Secured Loans team to further discuss your situation.
If we find a Secured Loan that is suitable to you and you are happy with the monthly repayments and terms you will then be sent the relevant forms to complete your application. In returning these you may also be asked to provide some documents like proof of address, proof of income and identity documents as part of a standard loan application. This also coincides with a Regulatory Consideration Period of 7 days during which we are not allowed contact you. This is to give you time to consider your decision carefully and ensure you are happy with it. You can end this early by returning the documents early but this is entirely up to you and we won't contact you for the 7 days or until we hear back from you.
Once we have your documents back we quickly process everything with the Lender and will have your loan issued to you within a few days. All in all the process generally take anything from 2 weeks to a month depending on how quickly you can gather the identity, income and address documents and get it back to us for your Secured Loan.
We know that the process of getting a Secured Loan can seem complicated but rest assured that our team of experts are ready to guide you through the process in order to get the best deal for you.
Simply fill in our application form and one of our Secured Loan experts will be in touch to discuss the options available to you.
Need more info?
Read some of our helpful online Guides:
Secured Loan Guide
Secured vs Unsecured loan guide
Improving your credit rating with a Secured Loan
Secured Loans in Northern Ireland
Third Charge Secured Loans
or just call us on 0845 1260350 to discuss your options with one of our colleagues.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
your best option for Secured Loans and of course Home Owner Loans!