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MORTGAGES

Secured Loans

If you already own a property whether that be the house you live in, or an investment property, and there is a first charge mortgage secured against the property, then you may be able to borrow further funds by way of a secured loan.

Secured loans are also sometimes called second charge loans because the secured loan lender is second in line to get their money back if you are unable to repay the debt. The mortgage company with the first charge takes priority in the event of default.

Given the additional element of risk for the second charge lender, secured loans tend to be more expensive in terms of interest rates and fees in comparison to a traditional first charge mortgage.

The most common uses of a Secured Loan are consolidating debts, home improvements or to pay major costs, such as a wedding or holiday. You can use a secured loan for almost any purpose.

Advantages of a Secured Loan

  • Keep existing first charge mortgage in place as its on a good rate and may have a large early repayment charge
  • Raise funds for almost any purposes. Most first charge lenders have set criteria on what you can capital raise for
  • Quicker access to funds. Depending on the lender it can sometime be quicker to arrange a second charge that a traditional first charge mortgage

ANY PROPERTY USED AS SECURITY, INCLUDING YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. COMMERCIAL MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY OR THE PRUDENTIAL REGULATION AUTHORITY.

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