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A secured loan is any loan that requires the borrower to provide the lender with some form of security. In the case of secured loans the security will be the borrower’s property, regardless of whether it is mortgages or owned outright. Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges.

There are lots of reasons why you might consider a secured loan. Perhaps you’d like to raise funds against your property without paying any high redemption penalties. Or maybe your credit history has declined since taking out your mortgage, but you’d like to borrow more than your house is worth at the moment. Or it could be as simple as keeping any additional borrowing separate from your mortgage. The good news is that secured loans can be used for most purposes including home improvements, buying a new car, clearing debts and paying for university costs or a wedding.

Depending on your personal circumstances, you can usually arrange to borrow from around, although some lenders may be prepared to lend smaller or larger sums. The loan is then paid off over set period of time, with monthly payments that you are comfortable with.

Secured Loans may not necessarily be the most suitable option for everyone, as there may be other more suitable options available to you at that time such as a remortgage or a further advance. We want to ensure that you choose the option that makes the most financial sense for your individual circumstances, so talk it through with us by calling one of our helpful and friendly advisers.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS  ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

Secured loans are not regulated by the Financial Services Authority

Instant Secured Loan Northern Ireland  Instant Secured Loan Northern Ireland