Secured loans may be used for any purpose like home improvement projects, such as conservatories and extensions, or debt consolidation, the purchase of a new car or boat, paying for a daughters wedding, or a luxury holiday such as a cruise, or even setting up a new business venture.
The advantages of secured loans are that they may offer lower interest rates because the perceived risk to the lending company is less. This is because the loan is secured against an asset which is usually the homeowners property.
Unlike a personal loan which is unsecured, the amounts of money that can be borrowed for the secured option can vary between £1,000 and up to £75,000. Unlike some personal loans the repayment period can be spread over a longer time period which can vary typically between five and twenty five years, therefore reducing the monthly amount payable. This is especially helpful to those homeowners who are seeking an affordable loan for consolidation of their debts.
Taking out a secured loan may be a serious alternative to re-mortgaging for homeowners as upfront arrangement fees may not apply. It is also worth noting that this depends on the individual lenders terms and conditions when applying.
Secured loans are referred to a third party. Neither Benson Gray Associates Ltd or First Complete Ltd are responsible for the advice received.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Benson Grays Associates Ltd registered in England at 157 Carr Lane, York YO26 5HQ (number 05629178).
Benson Grays Associates Ltd is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.
The Financial Conduct Authority does not regulate some forms of Buy to Let.
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The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.