Secured Loan Application Process
The page link for the Secured Loan Application form for homeowners is shown below. When you click on “Get Quote” on the banner, it will open up a new page and allow you to get a personal quote:
Complete the relevant short form with all details requested and you will get a phone call back during normal business hours. We are a secured loan broker that will search all of the homeowner loans available for you.
You will get access to the latest secured and unsecured homeowner loan deals available and you will not go through a credit check until you are happy to apply.
You can find out what loans are available without going through a full secured loan application, as we are a secured loan broker and we first search the homeowner lenders to see what is available to you.
Secured Loan Application Form
Loans must be for at least £10,000 with unsecured loans up to £35,000 and secured loans up to a maximum of £10,000,000.
You will get real, live and immediate secured loan quotations here, which are updated daily and no credit check is carried out to get a quotation using this form.
Get started now by applying online; the sooner you apply for your secured loan application, the sooner the funds will be in your bank account.
Borrowing money can still appear out of reach for some, although eventually we seem to be stepping out of the downturn.
Banks could be repellent to giving cash because of a higher danger of non-repayment.
Borrowers have reacted to this by deciding on a homeowner loan or second mortgage, which secures the loan against a property or asset and consequently lowers the risk held by the lender.
What’s a loan that is secured?
Having a secured loan, collateral, for example your home, is used as security for the repayments.
If a secured loan isn’t repaid, the lender has the legal power to take what’s owed from the property which the borrowing was secured on, as well as repossess the home.
What can loans that are secured be used by me for?
Secured loans are usually higher sums, so are often used to consolidate existing debt or home improvements to the property.
However, the loan funds can be used for whatever purpose you wish.
Will I be entitled to a secured loan application if my credit rating is poor?
Lenders look far more favourably on potential borrowers having a poor credit rating when they are prepared to secure the borrowing against their home.
This gives lenders the security that they’ll definitely be refunded, either from a monthly repayment or by repossession of the house.
Can I borrow a higher amount than I could with an unsecured loan?
Yes. Bonded loan lenders often provide an extended repayment period as a result of the loan being secured.
An unsecured loan, for instance, is normally capped at 25,000 (although we can go as high as £35,000) and is normally taken out over a maximum duration of 5 years.
A secured loan could be borrowed for up to 30 years, making a higher sum more available and affordable too.
However, although small repayments over a long repayment term might appear desired, do not forget that the longer the interest period, the higher the entire total interest that will be paid overall.
Are the interest rates higher using a loan that is secured?
Secured loan interest rates usually are comparably lower than those of an unsecured loan, because secured loans are usually a high amount taken out over a long period of time.
The amount of borrowing and also the term length determines the total amount of equity which is left in your home, along with the interest.
What are the disadvantages of a Secured loan application process?
Ensure that you check if the interest rates are fixed or variable.
So you have to prepare yourself for this in your own monthly budgeting if variable, they are going to change alongside the economic climate or the lender’s standards.
Administrative fees, settlement charges and legal costs
Paying off a Secured loan before the agreed term has ended can incur an ‘early settlement fee’ that is usually 2 month’s interest added to the remaining balance.
The legal costs connected with secured loans in many cases are contained in the quoted APR along with the associated administrative fees.
These charges highlight the importance of deciding on the best loan for the long term demands.
Are there similar options to secured loans?
By changing mortgages, some homeowners decide to release some equity from their home.
For instance, in case your home was worth 350,000, but your mortgage was at 250,000, you may select to take a further advance to spend on home improvements.
You can also save money by changing your mortgage to a lower interest rate deal.
THINK CAREFULLY BEFORE SECURING LOANS 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. LOANS SECURED ON YOUR HOME. NOT ALL LENDERS WILL BE ABLE TO OFFER A 100% ONLINE OPTION OR BE ABLE TO OFFER FREE SAME DAY TRANSFER OF FUNDS. IN SOME INSTANCES EXTRA DOCUMENTATION MAY BE REQUIRED.
