Secured Loan
WHat are second charge secured loans
A second charge secured loan is quite often referred to as a second charge mortgage because it is a loan secured against the available equity in a property you own. The security is usually in the form of a second charge mortgage against the property, which means that it sits behind and does not affect the primary (first charge) mortgage.
Do I qualify?
Second charge secured loans can be considered under the following circumstances:
- You must be a homeowner to get a second charge, although you do not necessarily need to live in the property
- Secured loans can be arranged against residential, Buy To Let and commercial properties
- You must have equity available in your property to secure the loan against
- You must be able to prove your income and ability to repay
- You must be at least 18 years of age and “the property” must be in the UK
- Overseas applications are welcome
LOAN Purposes
Secured loans can be made available for most legal purposes, including:
- Settling tax bills
- Raising a deposit for property purchases
- Raising funds for business investment
- Home improvements
- Debt consolidation
- Weddings
- Schooling/university fees
- Car purchases
- Dream holidays
