A Secured Loan is
tied to your house or buy to let property as collateral. Usually it's a second
charge behind your mortgage but they are also an option if you don't have a mortgage.
It's a great way to raise finance or get a loan when your credit is less than
perfect. Spread the payments over a longer-term and you can reduce the strain
on your monthly cash-flow.
The loans currently available are:
- Amounts available from £1,000 to £2,500,000.
- Repayment terms up to 25 years.
- At LTVs up to 120% (max loan £10,000 at this level).
- Available to both Employed and Self-Employed applicants.
- Available if you have adverse credit (though the amounts and LTVs may be restricted).
- Available all across the UK including Northern Ireland.
How to get a homeowner loan
Choice Loans has
great access to all the secured loan lenders in the market. There are over 25
in total, including many private lenders. Apply with us you'll get the best
opportunity to find the cheapest rate available. Get in touch for a no cost and
no obligation assessment. Should you wish to proceed we'll guide you through
the process, assisting you with the paperwork and advising
you every step of the way.
For Third Charge Secured Loans, click this link to learn what is available
We can also arrange Secured Loans in Northern Ireland. Click the link for more information
If you have any queries, please fill in the form opposite or call us on 01494 410 125
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.
"I would recommend Choice Loans to anyone, you won't be disappointed"
What is needed to apply
Applying for a Secured Loan is very easy. Below are listed the things you need in order to apply.
- Eligibility Criteria You must be a home owner and be earning sufficient income to afford the loan. How much you can get and at what rate then depends on your credit score.
- Documents Required Initially it is just an online application form but once we know the specific lender best suited to you, you will need to complete their application form and show proof of ID and income.
- Additional Comments The process take 2-3 weeks but you will be guided through it by an expert from start to finish.
- What does a Secured Loan cost?
The rate of the loan will depend on your circumstances (loan size, LTV, income and credit score). A broker fee is also charged to cover valuation and legal expenses and it is usually 7-10% of the loan (lower for larger loans). This fee is usually added to the loan so not payable up front.
- Will I be required to put a charge on my property?
In almost all cases yes (the exception is some smaller loans of less than £10,000).
- Can I get a Secured Loan to consolidate other debts?
Yes. This is one of the best uses of a Secured Loan. You can pay off credit card and other expensive debts and consolidate into one monthly payment at a lower rate.
- If I have bad credit, can I still get a Secured Loan?
Yes, you can as long as you have sufficient equity in your property and sufficient income to make the repayments. Taking a Secured Loan and maintaining repayments can help improve your credit score.
- Can I repay early?
Yes. Most lenders allow you repay early by giving one month's notice and paying one month's payment as a penalty
- Is a Secured Loan cheaper than a mortgage?
This depends on your circumstances. A mortgage or re-mortgage may be the better option for you.
- Will the interest rate be fixed?
Typically it will be variable, but you can get options to fix for 3 or 5 years.
- If I default on the loan, might I lose my house?
Yes, this is possible. We recommend you think very carefully before securing any debt on your property.
To learn more or to apply for a Secured Loans please either ﬁll in the call back form at the top of this page or call us on 01494 410 125 and we'll walk you through your options at no cost or obligation.