What is a secured loan?
Quite simply put, a secured loan is a loan secured against your home that remains separate from your main mortgage.
Secured loans can be useful for homeowners for the following reasons:
- They enable you to borrow money for any legal purpose.
- They can be an alternative to remortgaging if you are tied into a fixed rate mortgage with an early repayment charge.
- There are a range of secured loan lenders who do not credit score or can accept a lower credit score. So secured loan can be an option if your credit rating is too low for a remortgage or a personal loan.
- Secured loans can be arranged within a much faster timescale than remortgages.
- Secured loans can suit short term borrowing needs with many lenders offering loans with no early repayment charges.
However, there are some risks which you need to bear in mind:
- Because you are securing a loan against the value of your property, your home could be at risk if you don’t keep up payments.
- If you already have a mortgage on your property, with a secured loan, you will effectively have two mortgages on your property. This could significantly increase your outgoings and you need to be sure you can afford the additional expense.
- When you sell your property, the initial mortgage must be repaid in full before paying off your secured loan.
Because of these risks, it is therefore a prudent decision to speak to an independent mortgage adviser such as Your Mortgage Expert.
How Your Mortgage Expert can help
We will talk you through all the risks and help you to understand whether a Secured Loan is the most appropriate funding solution for you. For example, would it be more appropriate to speak to you existing lender to find out if they would offer preferential rates by doing a further advance that could end up costing you less that a secured loan?
We have access to a range of secured loan options from a variety of providers and we are experts in arranging this type of loan. To start the conversation, simply get in touch.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
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“Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”
Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury
“I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me. During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field. This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”
Andrew and Helen, Armed Forces Mortgage Customers from Salisbury
“Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”
Fiona and Graham, Armed Forces Mortgage Customers from Wilton
“As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”
Andrea, Contractor Mortgage Customer from Warminster
“I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”
Matt, Contractor Mortgage Customer from Southampton
“Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”
Hannah and Steve, Protection Insurance Customers from Stamford
“Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”
Saul and Laura, Home Mover Mortgage Customers from Salisbury
“Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”
Mike and Bethan, First Time Buyer Customers from London
“Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”
Chris, Help to Buy Customer from Southampton
“I have had no problem recommending him to others as I have found his work to be first class. I think at this stage there are about four people who have taken up mortgages through him following my recommendation. In fact, I am currently working with Adam to remortgage all four properties and have no doubt I will use him again in the future.”
Bernie, Buy to Let Customer from London