Taking out a secured loan on top of your mortgage can often be a solution to money borrowing problems. You may be looking for a loan to clear your credit cards and personal loans. This is known as debt consolidation. Some people might consider it a "last resort" as they may prefer to exhaust unsecured possibilities such as credit cards and personal loans first. However, there are occasions when a secured finance loan on your home or other property e.g. Buy To Let property can be the most effective solution to your funding requirements.
A secured finance homeowner loan may be (in the short term) an option in the following examples:
You could keep your current mortgage on its current interest rate, borrow the extra money you need with a secured finance loan and, when the time comes (your lender's SVR looks like rising or your tie-in period ends), remortgage both your main mortgage and second charge loan back into one first charge mortgage.
The Credit Crunch and subsequent recession have made managing the cost of living a bit harder for people from all walks of life. Incomes have reduced or even vanished for many, while costs of goods and services have gone up.
With a debt consolidation loan you can consolidate your existing debts into one single loan payment. These debts could be credit cards, store cards, unsecured personal loans, bank account overdrafts and more.
A secured homeowner debt consolidation loan can be of great benefit:
However, you should be aware that securing previously unsecured debt against your home can carry risks. If you fail to keep up repayments your home can be repossessed plus if you are extending the term of the borrowing this can increase the total amount you repay.
The team at The Mortgage Centre are qualified Financial Advisers. It is our responsibility to develop an understanding of your borrowing needs and ensure a Secured Finance Loan is both affordable and the most suitable solution for you.
We then introduce you to one of the most experienced secured loan specialists in the country, with access to secured loan products from a wide panel of lenders. They will source the the most appropriate secured loan deal for you and place your application to the lender - keeping you up to date all along the way.
Applicant status may vary. As with any form of finance, the interest rate will depend on your circumstances as well as prevailing market conditions, our team will select a product to suit you. Processing times are fairly short, with a typical completion time of 2-3 weeks.
There are no up-front fees upon application for a secured homeowner loan. There are costs associated with the application, like arranging a property valuation and processing, but these up-front costs are borne by the loan specialists we work with so you have nothing to pay initially. In most cases, any fees may be added to the loan.
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 ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
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