YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
If you are a Homeowner in the UK, you may be eligible to take out a secured loan (also known as a second charge loan). Secured loans are loans that are secured against your property, which is why they are only available to homeowners.
With secured loans, you can enjoy increased borrowing power, depending on the level of equity within your home and your affordability, as well as longer repayment periods, which can help to keep your repayments to a lower level.
Before you commit to a secured loan, you should give careful consideration to whether you can afford it, as there are pitfalls to consider. If you cannot keep up repayments on your secured loan, you could face loosing your home, so do ensure that you are able to afford the repayments.
You can choose to take out a loan secured on either a residential or buy to let property.
Things you need to know about second charge loans are:
For all Secured Lending advice, we may charge a fee, the precise amount will depend upon your circumstances, but typically the fee you will pay is £395, please follow the link for further information: How we are paid
DEBT CONSOLIDATION MAY INCREASE THE AMOUNT TO BE REPAID IN THE LONG TERM. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.