From debt consolidation to funding home improvements, we help make the process easy.
A secured loan, also known as a second mortgage or homeowner loan, is a type of loan where the borrower uses their home as collateral. This means that the lender has a "second charge" on the property, behind the primary mortgage, in the event that the borrower is unable to repay the loan. Because the loan is secured against the property, interest rates on these loans tend to be lower than those on unsecured loans. This makes them a popular option for homeowners looking to borrow money at a lower cost.
Secured lending can be used for a variety of purposes, one of which is debt consolidation. Debt consolidation is the process of combining multiple high-interest debts, such as credit card balances or personal loans, into one single loan with a lower interest rate. By consolidating their debts into a single secured loan, homeowners can save money on interest and simplify their monthly payments.
Keep in mind, however, that when taking a secured loan, a homeowner is putting their property at risk in case of non-repayment. It is important to consider all options and seek professional advice before making any decision.
Secured Loans can be used for any purpose from home improvements to funding for business purposes. With lower interest rates than credit cards and unsecured loans they are often used for debt consolidation.
Secured loans often can be arranged without any impact on the first charge mortgage, ideal if you are happy with your current arrangement.
As a broker we help our clients in find the most appropriate deal from the market no matter the circumstance.