- Residential, Buy to Let & Commercial options
- Good & bad credit scores accepted
- Debt consolidation
- Competitive rates
- Fast completions
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Secured Loans
What is a secured loan?
Secured loans, also known as second charge loans, offer a way to borrow larger sums of money by using the equity in your home and not disturbing your existing mortgage. We, at Affordable Home Loans, are experts at finding the best loan to suit your circumstances. Secured loans are subject to a credit search, however we have many lenders who will look at people whose credit file is not perfect, unlike your High Street lenders who normally turn you down. Using a broker like ourselves, with many years experience, we are experts in finding the right loan for you. Therefore coming to us saves you the time of going to individual lenders and having to complete an application by yourself. Another benefit is always having someone to hand to answer your questions instantly!
Why a secured loan can be your best option?
- You are more likely to be accepted for a secured loan than a personal loan
- Lower interest rates than other options such as a personal loan
- The repayment term can be longer making it more affordable
- Consolidate all your debts into one easy monthly payment
Secured loans and bad credit
Secured/second charge loans can offer the opportunity to borrow money for customers who have experienced money issues in the past and have damaged their credit history as a result.
What happens if I do not keep up with my payments?
These loans work because the provider has the security of your property to fall back on if you default on your payment therefore you must always be sure you can afford the repayments.
A secured loan needs a lot of careful thought to ensure you are 100% confident you can meet the monthly payments over a number of years and will not find yourself in a situation where you could lose your home.
"YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT."