Secured Loans / Second Charges

A secured loan or second charge as they are also known, is a way of raising funds against you house, for reasons such as home improvements or debt consolidation, but they can normally be used to raise funds for any legal purposes.

With a secured loan, your first charge mortgage would remain in place, and a second charge is then registered against your house at completion.

They may be appropriate when you are still within an early repayment penalty period on your first charge mortgage, and where applying for a remortgage would potentially incur an early repayment penalty running into thousands of pounds, as the first charge mortgage will remain in place.

If you have been declined for a remortgage or an unsecured loan, it may be possible to obtain a secured loan, as the lending criteria can sometimes be more flexible in respect of affordability or past adverse credit which may have been registered, and typically a secured loan process is normally quicker then applying for a remortgage.

For further information about a secured loan or a remortgage, please feel free to call us for a no obligation chat, or complete the Online Enquiry Form and we will get back to you straight away.