A secured loan is further borrowing taken with a separate lender, in addition to your ‘normal’ mortgage. It is known as a ‘second charge’ on your home as the mortgage is always the ‘first charge’. Secured loans can be secured against your residential home, buy-to-let and/or commercial property.
A secured loan can be a good alternative to re-mortgaging if you have early repayment charges on your existing mortgage or if you want the funds quickly. Secured lenders may also allow you to borrow more than a typical mortgage lender.
Sometimes secured loans can have large arrangement or valuation fees plus typically have higher interest rates so please contact us and we can discuss whether this is the right option for you.