Accessing equity via a secured loan
Re-mortgaging your home to access the equity held within it may not always be the best option, at least in the short-term.
We can assist you with accessing the equity in your property via a secured loan and discuss with you a long-term plan to ensure your financial arrangements are always in the best possible shape.
How do secured loans work?
Secured loans use your asset as security, making them a common option for people who need a substantial sum of money but who have a low credit score.
Showing a lender how serious you are about paying them back for the loan, can be achieved by putting a valuable possession (such as your property) on the line. You may even be offered a better rate of interest than with an unsecured loan for this very reason.
A secured loan can result in:
- You potentially losing your home if you don’t keep up the repayments,
- Securing a larger sum of money than you would with a personal loan,
- Getting a better APR on the loan.
Consider the risks.
There are various types of secured loans available on the market and the three most common loans are homeowner loans, bridging loans and debt consolidation loans.
Secured loans are much riskier than personal loans, both for the borrower and the lender and we would always work with you to ensure this is the best option available to you.
We would consider if you can actually afford the repayments each month, ensure your credit score is the best it can be to get the best deal on the market, and most importantly ensure that you are aware of the consequences of taking out a secured loan.
If you are interested in discussing the options available to you in the way of secured loans, then please get in touch and we can arrange a meeting to discuss further.
*Please note: Think carefully before securing other debts onto your mortgage. Your home maybe repossessed if you do not keep up repayment on your mortgage.