Specialist advice from Omega
Secured Loans are an established way of raising money for just about any purpose.
Lenders take a second charge over a main residence or buy to let property, and provide a new loan with the existing mortgage staying where it is.
- High early repayment fees on the current mortgage
- A low rate on the existing mortgage that the borrower wishes to keep
- Recent credit problems mean remortgaging is not an option. Even if remortgage is possible, a smaller secured loan may still work out cheaper.
- The borrower simply wants a loan separate from their mortgage
- The borrower wants to repay the secured loan sooner than the main mortgage
- The borrower needs funds more quickly than is possible with a full remortgage
- Remortgage is not possible for other reasons