Secured Loan & Second Charge
Debt Consolidation | Raising Capital
Debt Consolidation and Raising Capital
Similarly to your mortgage, a secured loan is finance that is secured on your property, usually for a relatively large amount. Because it’s the second charge on your property (your mortgage lender has the first charge) the risk for the lender is slightly higher and so this is reflected in a higher interest rate.
Secured loans are not regulated by the Financial Conduct Authority (FCA).
A further use of a secured loan is debt consolidation. Unsecured loans tend to be more expensive than secured loans and so consolidating them can reduce your monthly financial outlay noticeably.
The risk to you is that if you do not keep repayments up, your home is at risk.
UK law dictates that you can borrow a maximum of up to £25K with an unsecured loan. If you are carrying out home renovations or improvement, this may not be enough.
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Securing the present. Protecting your future.
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