Secured loans are also known as homeowner loans or 2nd charge mortgages. If youre looking for the cheapest secured loan read on and find out all you need to know about the secured loans market in the uk.
Homeowners can use their property to borrow more for longer with secured borrowing.
Secured loans uk. The best lenders offer the lowest rates. Not only does this option avoid putting your home at risk it may also come with lower interest rates if you can limit your borrowing to 15000 and qualify for the market leading deals. Secured loans can let homeowners borrow larger balances at lower rates for longer.
Compare secured loan rates to get the cheapest deal. The secured loans we offer are loans secured against a property you own. Weve teamed up with the uks favourite secured loan broker fluent money to help you in your secured loans search.
With secured loans if you default on the payment you could be made to sell your home to clear your debt. Secured loans usually start at 10000 and are set up by. Homeowner secured loans usually have to be applied for through a broker using your property as security.
What are the best secured loans deals. With a secured loan the lender will insist on some sort of security against the money you borrow often a house or car. The term secured loan is more widely used simply to refer to second or subsequent charges.
Secured loans are loans set against an asset. Loans can broadly be divided into two categories. Unsecured personal loans usually offer between 1000 and 25000 and is a popular alternative to secured loans.
They are sometimes referred to as homeowner loans because most such deals require you to own a chunk of your house in order to qualify. Secured loans are less of a risk for lenders than an unsecured personal loan as the promise of repayment is secured against the value of your asset. Use the calculator below and get a free no obligation quote that wont affect your credit rating.
These loans are also called secured homeowner loans. Before searching for the best secured loans in the uk it might. If you default on the payments the bank or building society can then sell the asset to clear the debt.
Lenders will look at the value of your home as well as your personal credit history when deciding whether to offer you a secured loan. Secured loans allow homeowners to borrow a large sum of money usually at better rates than an unsecured option. A secured loan provides additional funding without affecting a current first charge mortgage.