Author: Joanna SiddallSenior Mortgage & Protection Advisor
Author: Joanna SiddallSenior Mortgage & Protection Advisor
Published 18 February 2025
Secured loans – also known as 2nd charge loans or homeowner loans allow you to borrow money using your home as security. This means if you dont keep up with your repayments the lender can sell your property to re-coup their money, just the same as a mortgage loan.
What benefits does a secured loan offer?
- You may be able to borrow larger amounts compared to a personal loan.
- The loan can be taken out over a longer term making your monthly repayments more affordable.
- Approval for secured loan is usually easier as you are using your property as collateral which lowers the risk to the lender.
- You can still be considered for a secured loan even if you have had past credit proplems like CCJ's, Defaults or Missed Payments.
- Secured loans are available for any legal purpose, a few examples are:
Purchase an additional property
Pay a tax bill
Consolidate debts
Home improvements
School fees
Business purposes
Divorce settlements
Gifts to family members
If you would like a free quote, or to discuss whether a Secured Loan is right for you, give us a call or complete our enquiry form and an Advisor will contact you.