Second charge mortgage or Secured loan

From our Office based in the historic town of Maldon, Essex. We have easy access the county of Essex to Chelmsford, Brentwood, Romford, Southend, Colchester and Clacton via the A12 corridor connecting London through the heart of Essex connecting with the M25 linking Benfleet and Greys across to the M11 and the A140 and A130 from Stansted through Braintree back to Colchester and the A12…

We offer tailored specialised services in Secured Loans

When we talk about a personal loan from a bank or building society, these are unsecured, which means there’s no automatic link to you home (so non-homeowners can borrow this way too).

It is however becoming more common that for those in financial difficulty even unsecured lenders can get what’s called a charging order on your home; this effectively means they have a call on the money from the sale of your house.

Why would anyone want a second charge mortgage?

Easier to obtain- unsecured loans are sometimes cheaper for those with decent credit scored , but secured loans provide lender with security to they are more willing to lend to poor credit scores.

Big borrowing is possible

The maximum unsecured loan is £35000 (normally closer to £25000) yet secured loans can be much larger usually up to £500000

Borrowing over a longer period

Most unsecured loans are over a maximum term of five years, secured loans can be taken up to 30 years (dependent on age), and this can result in lower monthly payments.

How much can I borrow with a secured loan?

This will depend on your credit rating, your income and out goings as well as how much equity you have in the property (Equity is the value of your property minus your mortgage balance).

What can a secured loan be used for ?

Common uses for a secured loan are home improvements, debt consolidation, new car, university or school fees, tax bill; business purposes basically any legal reason.

Can I get a secured loan if I have bad credit?

Secured lenders are more flexible than unsecured lenders and most mortgage lenders, so in some cases provided you can afford the loan, there is sufficient equity and there is a reasonable explanation for the bad credit – most secured lenders would consider a loan.

For more help and advice please do not hesitate to contact us at Hoskin Home Loans.

Ian Chambers     @HoskinHomeLoans

Direct Mobile Contact:     07962 152776     Office: 01621 876030

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

For more help and advice please do not hesitate to contact us at Hoskin Home Loans or Telephone us on Maldon (01621) 876303 or email us via the contact form below.