What is a Secured Loan?

A secured personal loan or homeowner loan is a loan that is secured against the equity in your home. If you are a business owner and have business premises you may have a secured loan that is secured against the equity in your business.

Whenever credit is secured on a property, a charge is registered at the Land Registry. Your mortgage lender will have the first charge on your property; the secured loan lender will have the second charge on your property.

Because a secured loan sits along side your mortgage, there is no need to pay off or redeem your current mortgage; avoiding any redemption penalties your mortgage lender may charge.

Even if you have just purchased your council property on a right to buy basis, you may be able to take out a secured loan as soon as 6 months after the purchase has completed.

Secured homeowner loans can be used for any purpose and are available to virtually anyone who has some equity in their property. You can take out a secured loan for home improvements, debt consolidation or a special purchase. To calculate how much equity you have in your property simply subtract your current mortgage balance from the value of your property.

Secured Loan Now specialise in providing secured loans for homeowners and business owners alike.