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A secured loan is where you borrow funds, which are secured against an asset, usually property. This means that, if you default on your payments, the lender can take control of the asset to gain back their money.
Often, a secured loan takes the form of a second charge mortgage, with your current mortgage being the first charge - or the priority lending secured against your property.
Although we hear a lot about second charge mortgages, in actuality you could have as many as five or more, depending on the lender.
Secured loans can be with the same provider as your first mortgage, or might be with an alternative lender. Usually, the same lender offers competitive rates and considers a secured loan an additional advance on your original borrowing.
However, rates on secured loans can be higher than on initial mortgages given the increased risk level, whereby the first mortgage has priority if the house were to be repossessed and sold.
Therefore, a secured loan or second charge mortgage could be left unpaid even if the property were repossessed, if all of the sale proceeds were taken by the first mortgage provider to repay the outstanding balance.
Sometimes, a secured loan is a good option, even if the rates are higher than those available through a remortgage.
Here are some of the most common scenarios when a secured loan makes the most sense:
Remortgaging is usually the cheapest way of accessing further lending, and is often the first choice for homeowners who want to release equity.
Secured loans are an alternative option, and although more expensive, can be a viable choice when needing to release funds fast, retain your current mortgage rate, or to find borrowing when you cannot meet the usual remortgage criteria.
If you are considering a secured loan, or need help comparing options for remortgaging and a second charge mortgage, give the business finance broker team a call on 0330 304 3040 or send us a message to info@revolutionbrokers.co.uk.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
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