A secured loan, also known as a Homeowner Loan or Second Charge is a loan secured against the equity in your property, this is calculated as the value of your property less any existing mortgage.
Secured Loans typically start from £10,000 and just like a personal loan you will be required to make regular monthly repayments. As the loan is secured against your property there is less risk to the lender, therefore you may be able to secure a lower rate of interest and spread the repayments over a longer term than you can with a conventional personal loan.
Secured Loans can be used for a variety of purposes, some of the post popular uses are
- To fund home improvements
- To raise funds for a second property purchase
- Debt consolidation
At Sleek Mortgages we have access to wide range of secured loan lenders who will consider all types of applications, including applications from people with a poor credit history.
Think carefully before securing other debts against your home.
YOUR PROPERTY MAY BE REPOSSED IF YOU DO NOT KEEP UP REPAYMENTS ON A SECURED LOAN