A secured loan is otherwise known as a homeowner loan. This type of loan requires that the borrower provide some form of security to the lender. This usually means that the borrower's property will be secured against the debt, so that the lender has some form of security when lending the money.
A Secured loan can only be lent to those who already have a home and a mortgage. For those who do not have a property to use as security, then the only loan option is a personal or unsecured loan.
As the loan is secured against your home, it offers the borrower some distinct advantages. This includes being able to borrow the money over a longer period of time and also at a lower interest rate than an unsecured loan.
For free information on secured loans and whether they are the right solution for you, please contact our expert loan team on 0808 131 9104.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
For mortgages and re-mortgages the overall cost for comparison is 8.5% APR variable and for secured loans 14.5% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. A broker fee may be payable on completion, and will depend on your circumstances. For mortgages and re-mortgages this fee is typically between 0% and 3% of the gross mortgage amount, subject to a minimum of £2,495 and a maximum of £3,995. For secured loans, the fee is typically between 0% and 10% of the loan value.
RefusedALoan.co.uk is a trading name of Ask Finance Ltd, which is registered in England and Wales (company number 4229724), Jackson House, Sibson Rd, Sale, Manchester, M33 7RR. Ask Finance is licensed under the 1974 consumer credit act to carry on the business of consumer credit, consumer brokerage, debt adjusting and debt counselling. Consumer Credit License No: 507130. Ask Finance is authorised and regulated by the Financial Services Authority (FSA) - FSA No: 300490 - for the provision of mortgage advice and arranging insurance.