A SECURED LOAN is a loan that is secured on your house via a "second charge".
Choose to repay over anything from 5 to 25 years. This spreads the cost of your loan and makes the repayment easier to handle - a great way to get on top of existing debts and provide you with the things they need now.
A ‘secured loan’ is a loan for homeowners who can release spare equity from the value of their property. Securing the loan against the property (same as a mortgage) means you can often get a better interest rate on their borrowing. You don’t necessarily have to use the loan on home improvements. This loan is typically for those who wish to borrow £10k up to £150k.
Here are just a few uses for a secured loan:
• Home Improvements
Moving home in this current climate is not so easy, it’s often more convenient to stay where you are and extend or improve. Whether they want an extension, a conservatory, a new fitted kitchen, a loft conversion, a landscaped garden or double glazing - a homeowner secured loan can be used for any type of home improvements.
• Debt Consolidation
Why struggle with lots of small, high interest loans when they can pay them all off in one go? With a secured loan, they can pay off all their outstanding debts like credit and store cards, car loans, and hire purchase loans - leaving you with just one convenient, affordable payment each month.
• Dream Holidays
That ‘once-in-a-lifetime’ holiday you have always promised yourself. Treat the kids to Disney World, visit family in Australia or travel around the world. With a small secured homeowner loan this can always be possible and more!