A secured loan or second charge is finance borrowed in addition to a pre-existing mortgage. Secured loans are only available to homeowners and work in the same way as a mortgage, with the credit placed against the value of the property. Although there are some similarities between a secured loan and a mortgage, the two products are completely separate. A secured loan is a different product to a further advance on an existing mortgage that you may have. We can refer you to our panel of lenders for secured loans.
Our panel consists of: Loan Options and Loans of Choice.
Loan Options are a reputable secured borrowing lender that we can refer you to; One of the main benefits of secured loans is that they are not linked to the borrowers existing mortgage. By keeping these separate, a secured loan can be taken over a shorter term than the main mortgage. For example, if a client has 20 years left to repay their mortgage, they may not want to borrow an additional sum and have to pay interest over such a long period of time. Secured loans can be taken over terms from five to 25 years. Similarly, if a client is currently has a fixed rate for their mortgage, they may not want to expose their entire mortgage to a higher rate by re-mortgaging, particularly if their credit status has deteriorated. They may even have been declined for a further advance on their existing mortgage.
We can refer you to Loan Options or Loans of Choice for secured loans. Please Contact Us for further details.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED AGAINST IT. Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.
Should you have a need for a Secured Loan you will be referred to a third party provider. Neither Frog Financial Management nor First Complete Ltd accepts responsible for the advice provided by the third party.