Loan Secured
A Loan which is secured against your home to act as security to the Lender for the money you have borrowed. A Loan Secured is often referred to as a homeowner loan. Loan Secured are an ideal solution for homeowners who have recently been refused a personal loan or for home owners wanting to borrow a larger loan amount.
This type of loan is based on the equity available, whilst retaining your existing mortgage, and attracts a lower rate of interest than an unsecured loan. Secured Loans are widely available in amounts varying from approximately £3,000 to £75,000 and may in most cases be used for any legitimate purpose, including consolidation of existing debts.
Applications are welcome from UK residents with a poor credit history, ccj's, self cert or self employed status. Some lenders can deliver various options to structure your secured loan including:
- Options to possibly overpay either regularly or as a lump sum
- Payment holidays where you can take up to a three month break from making your repayments.
- Where a good credit history is evident, some lenders can offer secured loans in excess of the equity available in the property.
Bad Credit Secured Loan
A bad credit secured loan
will require the borrower to pledge collateral against the loan (such
as a car, furniture or other valuables). In the event the borrower does
not pay the secured bad credit personal loan, the lender can claim the
collateral and sell it to help pay for the outstanding loan balance.
Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
The secured loan UK service is provided in conjunction with Nemo Loans. Get a quote 24 hours a day.