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Secured loans

A secured loan is a loan that is secured on the borrower’s property.  

It can be secured on the property regardless of whether there is already a mortgage on the property.  If there is already a mortgage on the property, the secured loan is known as a ‘second charge’ against that property.  If there is not already a mortgage then the secured loan is known as the ‘first charge’.

A secured loan can be used for any purpose including financing the building of an extension.  The amount that can be borrowed will depend on a number of factors but the amount of the loan is usually below £100,000.  Repayment of the loan will usually be repaid monthly over a period of years. 

It is generally easier to obtain a secured loan than an unsecured loan because the lender has the benefit of the security provided.  This makes secured loans a possibility for people who have difficulty proving their income or who have adverse credit. 

 

 
   
 
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