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SECURED LOANS

At Your Mortgage Expert, we are experts in helping you to access a Secured Loan which may also be known as a Second Charge Mortgage.

 

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.

 

About Your Mortgage Expert

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At Your Mortgage Expert, we offer independent mortgage advice. We provide a personal and knowledgeable service. You can trust us to be on your side and to find the most appropriate deal for you. We are based in Salisbury but can help you no matter where you live in the UK.

 

 

 

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.