There are times & situations when sometimes a remortgage isn’t the best option. It may be that you want to raise some money for a new car, motorhome, debt consolidation, house extension or tuition fees for example but when you look at the options open to you, redemption penalties or other conditions of your existing mortgage would make that an expensive option. It could be that you have a great deal with a low interest rate and don’t want to move away from that yet still want to raise some finance. This is where a Secured Loan comes in.
A Secured Loan may well be the best way forward in these circumstances and we can advise you on the suitability once you’ve made an enquiry and we have a feel for your own unique circumstances.
A Secured Loan is a loan which is secured on your property and sits behind your existing mortgage company’s first legal charge; commonly known as a second mortgage. As it’s secured against your property – just like a mortgage – then secured loans are far cheaper than unsecured loans and can often be run over longer periods, just like a mortgage rather than the 5 years common for the sort of unsecured loans you’d find available in your High Street Bank.
In recent times the secured lending market has become increasingly popular, particularly as the majority of High Street lenders will not consider applicants who have had recent mortgage arrears or adverse status such as county court judgements or defaults registered against them. Providing there is a reasonable level of equity in the property there are lenders in the marketplace who will consider a second mortgage in these circumstances.
Another reason why a secured loan or second mortgage may be a better option is that clients might not necessarily want to raise an overly large sum of money and so the the costs involved in a re-mortgage may be excessive.
As many of our self-employed clients will agree, remortgaging criteria has become very strict in recent years (although we do still manage to find suitable mortgages for many of our self-employed clients) whereas in the Secured Loans market, many lenders are more willing to take a more relaxed view – it’s our job to guide you through the maze of rates, offers, terms & conditions to find a secured loan package that’s in your best interests and takes into account all your circumstances.
For your protection, Second Mortgages are regulated by the Financial Conduct Authority. Our FCA Registration is shown at the page footer.
If you feel a secured loan may be suitable for you or you would like to discuss your options and to make a comparison then please feel free to contact us. If you have already decided that a secured loan is your favoured choice, please fill in the form below, giving us any additional information that you feel we might need to put forward to potential lender companies and we will get back to you, normally within 48 hours with a decision and if it is a positive decision, we will provide your quotation, rates of interest, monthly payments etc.
In most cases money can be used for any purpose such as School fees, holiday homes, debt consolidation, cars & home improvements.
Data Protection Statement
Information held about you by the credit reference agencies may already be linked to records relating to one or more of your financial partners. For the purposes of this application you may be treated as financially linked and your application will be assessed with reference to any associated records. If you are a joint applicant – or if you have told us of some other financial association with another person – you must be sure that you are entitled to:(a) Disclose information about your joint application and anyone referred to by you; and(b) Authorise us (broker or lender) to search, link or record information at Credit Reference Agencies about you and anyone referred to by you. An association between joint applicants and between you and anyone you tell us is your financial partner will be created at Credit Reference Agencies. This will link your financial records, each one of which will be taken into account in all future applications by either one or both of you. This will continue until one of you successfully files a disassociation at Credit Reference Agencies.Credit Scoring or other automated decision-making systems will be used when assessing your application. It is important that you give us accurate information. If you are unhappy with the decision you may, within 21 days of receiving notification, write to us to reconsider the application or take a new decision on a non-automated basis.
We will check your details with fraud prevention agencies and if you give false or misleading information and we suspect fraud, we will record this.
How our lenders use the agency information:
• prevent fraud and money laundering, for example by checking details on applications for credit and credit-related or other facilities, proposalsand claims for all types of insurance and job applications and employee records; • recover debts that you owe and trace your whereabouts; • manage credit accounts and other facilities; • verify your identity; • make decisions on credit, insurance and other facilities, about you, your financial associate(s),members of your household or your business; and • carry out statistical analysis to help with decisions about credit and account management.
The information held by these agencies may also be used for other purposes for which you give your specific permission or, in very limited circumstances, when required by law or where permitted under the terms of the Data Protection Act 1998.