Secured Loans
Secured loans can be used for any purpose: often for home improvements, debt consolidation, holiday or a car purchase. Usually when you can't raise capital on your mortgage.
What Is A Secured Loan?
A secured (or homeowner) loan is a loan that is 'secured' against your property, the advantage of a secured (as opposed to unsecured) loan is that the lender has assurances that the loan will be repaid so interest rates are lower than they are for an unsecured loan. Meaning you pay less.
Applying for a secured loan
An independent broker like ourselves is able to search the whole market to find the best & most suitable product for your needs; you can apply directly to a secured lender but you won't necessarily get the best deal that way.
In a recent survey carried out by a large charitable organisation it was found that on average the UK household debt was £65,529, with the average credit card debt being £2,350 per person.
With higher mortgage rates this has made borrowers use credit cards more to make up the difference between income and outgoings.
With interest rates on credit cards being as high, in some cases, as 34%, then for homeowners looking at taking out a second charge loan would make sense, and would not affect their current mortgage arrangements.
With rates for these loans starting currently at 7.9% a saving on monthly outgoings could certainly be made. Please use our initial loan enquiry form to find out what rates are available.
What about the paperwork?
We can take details over the phone and take care of all the paperwork for you.
What about a credit check?
A credit check won't be made until your loan is approved and you choose to proceed.
What is the turnaround time?
Assuming everything goes smoothly, usually one to two weeks.
Are there restrictions on what I can use the loan for?
Most common reasons for getting a secured loan is for debt consolidation, home improvements, car purchase or even a holiday. You can use the loan for any purpose you choose.
Debt consolidation
You may wish to consolidate some, or all of your monthly payments and debt, to a debt consolidation loan. You can combine monthly credit payments such as costly credit card payments and car loan payments into a single monthly payment which will allow you to have a lower payment on your outstanding debts.
Home improvement loans
Home improvement loans can be used to improve your property. By making improvements to a property it may increase the value of the property.
Whether you'd like a new kitchen, or just want to give your house a new lease of life, this loan is designed to help you get more from your property.
Think carefully before securing debt against your home as you may be repossessed if you miss payments on a secured loan.
Secured loans are referred to a third party. Should you have a need for a secured loan you will be referred to a third party provider. Link Mortgages are not responsible for any advice provided by a third party.