SECURED LOANS

A secured loan is a loan secured against one or more of your assets, usually your home. It is also referred to as a home owner loan or a second charge mortgage, the first charge being your original mortgage.

The secured loan can be used for any purpose such as debt consolidation, home improvements, a car, a holiday or even to buy another property.

A secured loan is normally much cheaper than an unsecured loan. However the interest rate is usually slightly higher than your first mortgage because the lender for the secured loan perceives a higher risk. This is due to the fact that if your home were to be repossessed the first mortgage would take precedent over the secured loan.

 The advantages of a secured loan are that they are quick to organise with less detail required in the application than a traditional mortgage. Also a valuation and legal work may not be required. 

Furthermore, if you are in a position where you need to raise funds but a remortgage is unsuitable (because you are in a penalty period with your existing mortgage lender for example) then a secured loan could be the answer.   

If you want further information then please give us a call on 0845 643 4067                                     

 

Think carefully before securing other debts against your home.

 

Your home may be repossessed if you do not keep up repayments on your mortgage

Coleman Clough Mortgages is an appointed representative of Coleman Clough Investment Management which is authorised and regulated by the Financial Service Authority.

Coleman Clough Mortgages, The New Barn, Home Farm, The Avenue, Esholt, West Yorkshire, BD17 7RH