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Secured Loans...

As the name suggests, secured loans are loans that are secured against your home. Because of this the lenders are more likely to approve your loan, no matter what your credit history. This quite often offers a better option than personal loans from a bank or other unsecured lender. 

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 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. Homeowners who have suffered with a bad credit history, CCJ’s, arrears, defaults, or bad credit ratings are more likely to have successful applications with companies who specialise in bad credit secured loans than unsecured applications, because the property or asset is guaranteeing the loan and therefore this is deemed an acceptable risk as far as the lender is concerned.

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.

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There will be a fee for this advice. The exact amount will depend on your circumstances but we estimate it will be £299.

The Thurrock Mortgage Clinic Ltd is an Appointed Representative of Mortgage Intelligence which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (https://www.financial-ombudsman.org.uk/consumer/complaints.htm). You may be able to submit a claim through the EU Online Dispute Resolution Platform (https://webgate.ec.europa.eu/odr/main/?event=main.home.show if you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service)

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