How To Get A Secured Loan

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 “pis aller”, 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
  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:

  • Home improvements
  • Debt consolidation
  • Purchasing cars or other vehicles
  • Paying for a wedding/honeymoon/special anniversary/holiday
  • Injecting cash into businesses
  • Paying for school fees
  • Paying tax bills
  • Cosmetic surgery

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

  • Your current mortgage rate is low or interest-free and you’d like to keep it
  • You are recently Self Employed
  • Your income comes from multiple sources
  • Due to early repayment charges, you’re looking to stay away from Remortgaging
  • You need to raise funds very quickly
  • You are looking to raise capital against your UK property to purchase foreign property
  • You’re raising funds for an un-mortgageable property
  • Since you last took a mortgage your credit rating has dropped
  • You need capital to pay business tax liabilities
  • You’re looking to raise funds and would prefer a different lender
  • Your current lender disallowed a further advance application

Mortgage Advice in Liverpool


Liverpoolmoneyman.com & Liverpoolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Liverpoolmoneyman

Liverpoolmoneyman, Rodney Chambers, 40 Rodney Street, Liverpool, L1 9AA.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo