Mortgage advice that’s as unique as you are

If you’re a homeowner, you could borrow against your property with a secured loan. Usually you will find lower interest rates on secured borrowing than an unsecured loan. We can help you to understand your options and get the most suitable loan for your circumstances.

What is meant by a secured loan and how do they work?
A second charge mortgage, more commonly known as a secured loan, is a loan secured against your property in addition to your existing mortgage. It allows you to borrow money while keeping your original mortgage in place.

This type of lending can be a cost-effective option for homeowners who:

• Have a low rate on their existing mortgage and don’t want to lose it
• Have early repayment charges on their main mortgage
• Need to borrow a larger amount but have insufficient unsecured borrowing capacity

Second charge mortgages can also sometimes have arrangement fees and charges, and so it’s helpful to understand all aspects before you make a final decision. We’re here to guide you through your options and make recommendations based on your individual circumstances, so you can feel confident about the next step.

How much could I borrow?
Typically, secured loans are for a fairly large amount of money. It’s possible to find unsecured loans for up to £25,000, but to borrow more than this you will usually need a secured loan. Some loan providers offer up to £500,000, depending on your circumstances.

The repayment term can often be longer with a secured loan, too. You could repay the debt over 25 to 30 years. As with any borrowing however, you will pay back more than you borrowed. The longer the term, the more interest you will pay.

What criteria do I need to meet?
Criteria will vary from lender to lender, but generally you will need to own a home and the provider will check your credit score.

Top tips for What criteria do I need to meet?
Criteria will vary from lender to lender, but generally you will need to own a home and the provider will check your credit score.

• Assess your equity. The more equity you have in your property, the more borrowing potential you may unlock. Get a recent valuation to know where you stand.
• Compare total costs. Don’t focus only on the interest rate and ensure you look at the total cost of borrowing, including fees, term, and monthly repayments.
• Consider future plans. Are you likely to move soon? Will your financial situation change? A secured loan is a medium to long term commitment.
• Use a specialist broker. We have access to specialist lenders who often provide more flexible terms than high street banks.

Remember that a secured load is a medium to long term commitment and there are lots of different products available. That’s why it is important you get the right solution for you.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE