Secured Loans Against Property

This is normally used if you have a poor credit rating     

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Secured homeowner loans are available in varying amounts and for many different purposes, when used to purchase a car it is generally the cheaper option than Hire purchase, but can involve much larger fees. Minimum amounts start at £3,000 and go up to £50,000, although some lenders will consider lending up to £100,000. The amount borrowed is repaid monthly over a term agreed at the outset, which will usually range between five years and twenty-five years but for a car purchase five years is the maximum period recommended. You may be charged a penalty if you repay your loan earlier than agreed, and you should check each lender's individual policy with regards to this. Lenders charge interest on the amount you borrow, which is referred to as the Annual Percentage Rate (A.P.R).

The amount you can borrow, the term available and the A.P.R will all depend upon the equity you have in your property, the lender's view of your ability to repay the loan and your personal circumstances, for example any adverse credit. Subject to your circumstances, you may be able to borrow up to 125% of the property value. The APRs quoted by the lender will usually be typical rates, and these act as a guide only as the exact rate offered will be on an individual basis. As a general rule, it is advisable to compare the APRs of different loans, as this is a good way to determine how competitive they are.

Generally, secured loans are much easier to obtain than unsecured loans. This is because the lender has the added benefit of security, which provides protection in the event of a customer's inability to repay. This also means that persons who are self-employed, or who have recently changed jobs, or who have adverse credit can take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.

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