Do you need to raise extra cash from your property but are unable to because of restrictions on criteria in the mortgage market?
Choosing a secured loan rather than a re-mortgage may be the answer if you wish to retain an interest only mortgage or want to keep the current rate of interest. Generally they are much quicker to arrange and funds can be with you within 3-4 weeks.
A secured loan is a “second charge mortgage” that uses your home as security against the loan that you take out. People use secured loans for many reasons, such as needing to raise a large amount of capital very quickly, having trouble qualifying for an unsecured loan, or simply just having a bad credit score. Lenders have the ability to exercise greater flexibility when deciding whether to award loans to applicants, because they have the peace of mind knowing that you are more likely to pay the loan back with your property on the line.
When applying for a secured loan, it is always important to remember that your home is not safe from repossession if you cannot keep up with the loan payments.
If you would like to see if you qualify for a secured homeowner loan or if you want more information please call on 0161 343 4141.