Comparison Tool Being Updated
Our secured loans comparison tool is being updated and will be available very soon. In the meantime you can contact us to apply and talk through your needs with an advisor.
When comparing secured loans, you should take the whole product into consideration before applying, not just the headline interest rate.
Our expert advisors will always pick up your application and ‘double-check’ the product you’ve chosen. This allows us to give you all the benefits of on online comparison system, plus the safety of being informed of cheaper products.
To move forward with your application, simply select your products and apply online and we’ll handle the rest for you. Our experts are there to guide you through the process from start to finish and we won’t just pass you on to another broker to handle the application.
Documents Needed To Take Out A Secured Loan
When looking to take out a secured loan, our online application allows you to get the process started immediately. From there, you will be asked for further details, and documents to allow us to keep moving it forward.
We always try to keep things simple and give you an easy to digest list of the documents needed.
In most cases, you can expect to be asked for the following: –
- Fully completed application form
- Proof of income (3 months’ payslips or 2 years SA302s for self-employed applicants)
- 3 months bank statements
- Proof of ID
- Recent proof of address
- Details of your current mortgage
- Details of your current home insurance policy
If you’re unable to provide one or more of the above documents, don’t worry, just inform your advisor. They will be happy to consider your alternative options and let you know the best course of action.
Lending Criteria & Requirements
Lenders all work on a similar basis, but have distinctly different criteria. If your circumstances are a little bit out of the ordinary, it may be better to talk to us before selecting a product.
As your needs become quirkier, more specialist advice may be needed to find the most suitable product.
Most lenders will work on a maximum loan to value (the amount you are able to borrow in relation to the value of the property). Consideration will also be given to the affordability of the loan.
As there are so many lenders and products available, it would be too long winded and confusing to cover everything here. If you’re worried that you may struggle to meet lenders criteria, call us and we’ll run through your options over the phone.
We’ve helped many clients who thought they wouldn’t qualify for a loan, only to be accepted. Our advisors will be able let you know your options and the likelihood of your loan being agreed.
Reasons To Choose A Secured Loan
There are number of reasons to turn to secured loans when looking to borrow money, such as:-
- Reducing your monthly outgoings – When consolidating debts with a secured loan, monthly repayments can be reduced significantly. Such large reductions in monthly outgoings can finally put an end to the debt cycle of building up debts and then refinancing them.
- Reducing the interest paid – Where debts are being refinanced to reduce interest rates, but the monthly payments are affordable, we can save you thousands in interest. By reducing secured borrowing terms and keeping your monthly repayments the same, the total cost of borrowing often reduces significantly. Our expert advisors can explain this fully and give you a personalised overview of the potential savings.
- Borrowing large amounts – Secured loans allow you to borrow hundreds of thousands, or even millions of pounds, depending on security and lender criteria. In contrast, unsecured loans are usually only available for a maximum of £25,000.
- Avoiding early repayment charges – Early repayment charges, or penalties are often due should you remortgage within a certain timeframe. Secured loans can be used as an alternative to a remortgage to avoid early repayment of your mortgage, and therefore avoid the early repayment charges.
- They can pay for themselves – When using a second charge mortgage to pay for home improvements, such as an extension, the value added to the home is often more than the cost of the loan. This can be a great tool to profit from your additional borrowing should you sell the home.
- Low interest rates – The interest rates offered are often much lower than can be achieved on unsecured loans. This can result in a significant cost saving.
Talk To An Expert
If you’re not sure which product is the most suitable for you, enquire online or call us on 01922 620008. We have a team of experienced secured loan advisors on hand to talk through your circumstances.
We are committed to securing the best deal for our client and will provide you with a full written quote quickly.