Could a secured loan be the best option? As people’s circumstances vary, there isn’t one answer that’s suitable for everyone.
Our expert advisers can review your situation on an individual basis and consider whether a secured loan may be more favourable to remortgaging in your current situation.
A secured loan – also known as a secured homeowner loan – is secured against an asset, such as your property. Due to this, lenders are more likely to approve a secured loan, even if you have a poor credit history.
Secured loans can be used for a range of different purposes, from home improvement projects to debt consolidation. Unlike personal, unsecured loans, the repayment terms can be spread over a longer period of time to reduce the monthly amount payable – very helpful for those looking for an affordable loan to consolidate debts.
When deciding to offer you a secured loan, lenders will assess the value of your home and your financial history. The amount that you can borrow and the interest rate that the lender offers is then based on:
- Your credit score
- Financial circumstances
- Amount of equity in your property.
Remember, every time you apply for a loan, it will leave a mark on your credit history. What’s more, as the asset is used as collateral, the bank or lender can repossess it if you default on the loan or miss a payment, so you must make sure that you only borrow what you can afford to pay back. As your adviser, we will help you every step of the way.
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Purchases and Remortgages
Buy-to-Lets & Portfolio Landlords
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We hold your hand every step of the way
Your trusted adviser will work with you to help you choose the best options for you
Our expert case managers are on hand to complete all of the paperwork and make sure everything is on track
We’re with you throughout your journey – all the way up until the keys are in your hands or the investment is financed!