Browse the list of secured loan frequently asked questions below, or if you can't find your answer below you can always put your question to the experts.
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If you are a homeowner with a secured loan that is secured against the equity in your home there are a number of options that may be available to you in the event that you are intending to move house.
The options open to you will depend on a number of factors including the policies of the lender through which you have your secured loan. However options can include: repaying the homeowner loan in full out of the equity that you get from the sale of your existing property, taking out a larger mortgage for your new property and repaying the homeowner loan with that, thus transferring the amount that you owe on the homeowner loan to your new mortgage, or transferring the homeowner loan to your new property.... read more |
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Many people take out a secured loan and then find themselves in a position to repay the loan early – this could be through any situation from a house move, where the loan has to be repaid from the equity if it cannot be transferred, to a windfall where the borrower chooses to repay the loan in full.
While there is nothing to stop you repaying the loan early, it's important to be aware that there may be an early redemption penalty to pay, which can be, for example, 3 to 6 months' worth of interest.... read more |
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Secured loans can usually be repaid over a period of around 5 to 25 years, though this can range from 3 up to 30 years depending upon the lender.
When you take out a secured loan you can generally enjoy far longer repayment periods than you would get with an unsecured loan. ... read more |
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Payment protection insurance is a type of protective insurance cover that is offered with loans as well as with other types of finance.
This cover is designed to insure your loan repayments in the event that you cannot meet the repayments due to certain circumstances – through redundancy, accidents, or sickness, where you may find that your income suddenly falls.... read more |
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For many homeowners a secured loan is the most effective and affordable option when it comes to borrowing. The amount that you can borrow will depend on a number of factors, including the levels of equity in your home.
There are lenders that offer loans of up to 125% of the equity in your property, which is ideal for those with little or no equity in their home.... read more |
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You may have come across the term 'second charge loan' in the past and wondered what type of loan it was. Well, simply put a second charge loan is just another term for a secured loan, which is a loan that is secured against your home.... read more |
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With a secured loan you can use the money for just about any purpose. Popular uses for such loans include home improvements, consolidating current debts, funding a child's wedding or education, or purchasing luxuries such as a once in a lifetime holiday or a new vehicle. ... read more |
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Your personal circumstances, such as your credit rating and your employment status, will be taken into account. The lender will also look at your income and outgoings to determine how much you can afford to borrow and repay.
And, somewhat most importantly, the main deciding factor is the amount of equity available in your home to borrow. Because the loan is secured against your home, you can only borrow as much money as is in your property... read more |
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Equity is the amount of 'free' money tied up in your property. It's 'free' money because there is no mortgage or loan secured upon it - it's the percentage of your property that you actually own!... read more |
