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.
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.
FFP SolutionsOld Bank Chambers, High Street,St Asaph, LL17 0RD
Registered in England and Wales Company No. 08958626, Registered Address: Unit 32 Llys Edmund Prys, St. Asaph, Denbighshire, LL17 0JAFFP Solutions Ltd is a credit broker and not a lender and is entered on the FCA register under reference 624257You can find FFP Solutions on the Data protection public register under reference: ZA056605
YOUR HOME OR YOUR COMMERCIAL PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
THE GUIDANCE PROVIDED WITHIN THIS WEBSITE IS SUBJECT TO THE UK REGULATORY REGIME AND IS THEREFORE PRIMARILY TARGETED AT CONSUMERS IN THE UK
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