Our team can offer you secured loans, as Pinnacle are an independent secured finance broker. We provide tailored advice to clients throughout the UK, delivering excellence in our secured loans financial services.
Unlike unsecured loans, you will have to stake something against the loan. Our expert and honest advice means you’ll have 100% clarity on the secured loan you’re looking for. All of our secured loans are regulated by the financial conduct authority (FCA) and can be used as a personal loan. We also offer equity release, which allows you to free up capital to use as a personal loan, as a debt solution or for anything else you choose.
A secured, or second charge, loan is an additional mortgage placed on the property behind your main mortgage. It is with a separate company and can be independent of your main mortgage’s terms. They often offer a flexible borrowing capacity for when it may not be possible on your main mortgage.
Secured loans offer the ability to reach the equity that may be in your home. You must consider the overall exposure with your current mortgage and calculate the difference between this and the market value. The difference can then be considered to be released, should you need.
Funds can be released for any personal need, but cannot be for business or gambling purposes. Conventionally funds are often released for the repayment of unsecured debts, to release funds for a child’s gifted deposit, or for home improvements.
Consolidating debts is often a primary reason for applying for secured loan and is more than acceptable. You will need to consider the level of debt that you are consolidating and take in to account that this may now be spread over a longer term, or moving from sole name to joint (depending on the ownership of the property).
A further advance is a term given to further borrowing with your existing lender. This is not available with all lenders, but if applicable for you then the lender would open up a new “sub” account in addition to your main mortgage. This will need to be underwritten to ensure affordability and will be placed on a new product at the time of application.
This depends on the available equity in your home. Typically a secured loan can be arranged up to 85%-90% of the overall value of the property (minus your current mortgage).