Are unsecured debts getting you down? Struggling to meet the repayments? Consolidating your existing debt means that you might be able to find a more favourable rate, but also secure some much-needed disposable income. Whatever your situation might be, Pinnacle will have the right solution for you. Our dedicated broker team can help assist you with your secured loan requirements.
Debt consolidation loans can provide you with a range of benefits if you have a considerable amount of outstanding debt to repay. If you meet the requirements for a debt consolidation loan, then you should consider using one to your advantage.
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.
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.
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).
As with regular mortgages your credit situation will be assessed, with the outcome dependant on the product that you would be offered. We can still place loans with active defaults, CCJ’s, or debt plans, and have a variety of lenders to work with.
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.
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.