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How to Get A Secured Loan in Liverpool

Also known as “second charge mortgages”, a secured loan is a loan that helps secure the property of your dreams, albeit with higher than standard interest rates.

In the event of a repossession, the provider of the secured loan must wait for the first provider to sell the property before their money is returned. Although often known as an expensive last resort, they can often be incredibly helpful in regard to certain circumstances.

If You Need to Raise Money Against Your Property, There Are 3 Main Options:

  1. Take out more money from your current lender
  2. Move to a new lender via remortgage in Liverpool
  3. Take out a second charge mortgage (secured loan)

If you take out a secured loan, your mortgage stays exactly as is. The new amount is borrowed from a different provider and a separate direct debit.

The length of this new amount varies, as you could take it out over a shorter or longer-term than your main mortgage. If you’re only in need of a small amount, you may want to look at unsecured borrowing.

Some of The Main Reasons People Take Out Additional Borrowing Are:

Reasons why a second charge mortgage may be the most suitable option:

Mortgage Advice in Liverpool

Date Last Edited: August 7, 2023

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