Secured Loans can be considered as a viable alternative to asking your current mortgage provider for an additional advance. Rates are now very competitive and may be preferable for the following reasons:
- You may have a very low interest rate on your current mortgage but your lender may change that to a higher rate if you ask for further borrowing.
- You may have an interest only mortgage at present which you wish to retain but further borrowing may be subject to all or part of your mortgage being converted to a Repayment method greatly increasing the cost.
- You may not qualify for further borrowing to due insufficient income.
- The purpose of your further borrowing may not be acceptable to your lender.
- You may only need the additional funds for 12 months and a secured loan normally has a redemption penalty of only one month.
Warning: Fees will be charged and added to the loan. These can vary greatly between lenders and brokers who process your application. You should not proceed unless you have a written quotation which will show these fees.
We will consider a secured loan and a re-mortgage if you wish to raise capital for any number of reasons. We do not consider other ways of raising capital such as unsecured loans. If we decide a secured loan is suitable for you we will not give advice regarding the loan but will refer you to a secured loan broker with whom we work closely and they will advise you accordingly.
For a detailed no obligation quotation or just an informal chat contact us now on 0800 169 2112. We are not a lender but a broker. Once we establish if a secured loan is suitable we introduce our clients to a specialist secured loan broker who will deal direct with the lender.
Warning: Think carefully before replacing unsecured borrowing such as credit cards and personal loans with a secured loan also known as a second mortgage.Your home could be repossessed if you do not keep up payments on a mortgage or any other loan secured upon it.