Secured Home Loans

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Homeowner Secured Loans

Let Freedom Finance find the right homeowner loan for you - without leaving any footprints on your credit rating

Did you know?

Applying for loans you can't get approval for can actually damage your credit rating.

Freedom Finance provide a unique system which allows them to direct you to the right loan that you will be approved for,
protecting your credit rating and saving you hours of work and disappointment.

homeowner loans

Secured Loans for Homeowners

  • You could save thousands with cheaper secured loan repayments*
  • We can help you find the best secured loans online based on your circumstances
  • We can introduce you to a leading secured loan broker to see if the rate can be beaten
  • Any purpose. No obligation

Secured Loans

Our current financial climate has made it very difficult to borrow money. The banks are far less likely to lend finance without any collateral to secure it against which is why more and more people are opting to secure their loan against their property. These secured loans are also referred to as homeowner loans or second mortgages.

What is a secured loan?

This is a loan in which the debt is secured against collateral such as a house. This collateral can then be taken by the lender should the debtor default on his repayments.

What can I use secured loans for?

Due to the characteristically large amount of a secured loan, recipients often use this for home improvements to hopefully increase the value of their home. Secured loans may also be taken out to consolidate other debts.

Will I be eligible for a secured loan if my credit rating is poor?

With a secured loan, the bank is certain to get the money back as if payments default, they can repossess the house. As a result of this, lenders are, on the whole, more likely to offer a secured rather than unsecured loan to a candidate with poor credit rating.

Can I borrow a higher amount than I could with an unsecured loan?

Yes. Unsecured loans usually cap the borrowing at £25,000 but a secured loan may be taken for up to £100,000. Because the loan is secured, lenders also offer a longer repayment period, but similarly to personal loans, the longer the period the more overall interest you will pay, although the monthly payments will be less. A secured loan may be borrowed for up to 30 years whereas a personal loan is usually repaid within 5 years.

Are the interest rates higher with a secured loan?

No, in fact they are often lower than the personal loan but are variable across lenders. The length and amount of the secured loan will also influence the rate, as well as the amount of equity in your home. Equity is the amount between the current value of the home and the remaining mortgage left to pay.

What are the disadvantages of secured loan?

The primary risk to a secured loan is that your house may be repossessed if you fail to keep up with repayments. Because of this, you must check if the rates on your secured loan are variable or fixed. If the rates are variable, you must consider that they will change with lender criteria or the economic climate. Don’t forget to keep this in mind when setting your monthly budget!

A further disadvantage is that you are likely to incur a penalty if you want to pay off the loan early so make sure that you choose the best policy for your circumstances long term.

Are there similar alternatives to secured loans?

Homeowners may wish to release some equity from their existing home by switching mortgages. For example, if your home is worth £400,000 with a mortgage of £300,000 you may wish to move lenders and obtain a mortgage for £340,000 to pay for home improvements. You might even save money by switching to a mortgage with a lower interest rate.

homeowner secured loans




THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBT SECURED ON IT.

LOANS SUBJECT TO STATUS. ALL LOANS SECURED ON PROPERTY.
Homeowner secured loans

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