A secured loan, also known as second charge, is a loan
that is secured on a property. In the case of a second
charge it is a debt that is secured after a first charge
and the first charge being a mortgage. You will rarely,
if ever, find a secured loan secured on a property on
its own as it will normally be behind a first charge or
mortgage with an ordinary mortgage lender.
Due to the fact that these loans are indeed secured they
are generally taken out for longer periods of time then
personal loans and as such they are also taken normally
for greater amounts of money.
That said you can borrow virtually any amount on a
secured loan subject to the value of your property but
you are normally recommended not to borrow much less
than about £5,000 as it is more cost effective to
arrange this amount on a shorter personal loan. This is
due mainly to the fact that as a secured loan is over a
longer period of time it would eventually cost
prohibitively more in interest payments even though the
monthly interest may be less than that charged on the
personal loan.
Owing to the fact that the loan is secured on property
the lender has security should the borrower ever
defaults. The lender in extreme circumstances is
perfectly within their rights to reposes the property to
recover their debt. This is why you will see text at the
bottom of advertisements about secured loans that reads
WARNING: 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. LOANS ARE SECURED ON YOUR HOME.
As this is the case lenders are more inclined to lend on
slightly higher risks such as people with previous
arrears county court judgments CCJs and other credit
problems such as defaults even discharged bankrupts.
That said lenders offset this greater risk by charging
the borrower higher rates of interest.
So as long as we haven't talked you out of wanting a
secured loan our system is simple all we do is take your
details and get our partner company Faster finance to
source a loan for you from the whole market place this
saves you having to shop around to get best deal.
Remember If you do have credit problems such as arrears
CCJ's or defaults that make finding an affordable loan
difficult you may find people that will lend to you but
how do you know that it is the best deal for you out
there, well here at Mortgage Route with the help of
Faster Finance you shouldn't have to worry about that
because we are always trying to ensure you do indeed get
the best deal on your secured loan.
Anyway for more help please complete the form below
All loans are subject to status, written quotations are
available on request. Faster Finance also offer a range
of plans where rates may differ from 7.3% APR variable
to 29.9%APR variable according to your circumstances.
However most of their clients qualify for a typical APR
of 12.9% APR variable
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. LOANS ARE SECURED ON YOUR HOME.
WARNING: 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. LOANS ARE SECURED ON YOUR HOME.
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