Secured Personal Loans

Many people will raise capital on their home when they re-mortgage. This could be for some home improvements, a new car or to consolidate debts. The advantage of capital raising when the main mortgage is changed is that the whole mortgage loan can then be set up on a special interest rate. This could be a fixed rate, discount rate or bank base rate tracker for instance.

Secured personal loan companies can offer slightly more flexible options than the main mortgage companies but their rates will reflect this fact. However, they can be useful if you need funds very quickly as secured personal loans can be set up in just a few weeks. Secured personal loans (second charge loans) will also provide an advantage if your credit history has changed since you set up the main mortgage. Your current credit position may mean that a major mortgage lender would not lend you any further money but you have an existing mortgage on a good interest rate already. Why not leave the existing main mortgage in place and take out a secured personal loan? Your main mortgage is unchanged so you will have 2 monthly payments to make each month.

In time, if your credit position allows or an opportunity arises to re-mortgage you could add the secure personal loan on to your main mortgage account.

Please contact us if you wish to discuss any of these options further including secured personal loans and second charge mortgages. You may use our online form to apply for a secured personal loan.