SECURED LOANS & SECOND CHARGES

Loans secured against a property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges. Up until recently, loans of this kind were often seen as an expensive last resort for those unable to borrow without offering security.

Cheap, unsecured loans are also becoming harder to come by. As a result of the credit crunch lenders are more selective about who they will lend to and certainly those with a less-than-perfect credit history may find they are offered a more competitive rate if they are willing to secure their property against their debt. Consequently, secured loans are becoming a more viable option, if you want to secure a large amount over a long period of time.

Secured loan conditions have become less strict and easier to understand, but the terms attached to loans of this kind are often more complicated than those for unsecured borrowing.

We are able to secure loans up to 80% of the property’s value, for example:

• Property Value - £100,000
• Current Mortgage - £47,000
• Possible secured loan - £33,000
• Taking the total borrowing to £80,000 or 80% LTV

Call now for more details on buytolet mortgages - 0800 037 2121 or use our Secured Loan Quote form and one of our team will call you right back and discuss your personal quotation.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE