You may just be looking to raise some extra funding for some much-needed home improvements, to gift some money to your children for their first home purchase or looking to go on a holiday of a lifetime.
Secured loans can provide flexible, competitive terms that you allow you to put your plans into action. With access to a whole market, we are experts in finding the best deals for all of our clients.
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).
Borrowing for home improvements is often a primary reason for applying for secured loan and is more than acceptable. You will need to consider the amount required for the works and the overall exposure this will put on your property value. The property will be assessed on current value, not future/post improvement.
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.