Secured Loans

A secured loan is a loan where the borrower agrees to provide the lender with some form of collateral. In the UK the collateral will generally be your home. Secured loans may also be referred to as a second charge, the first charge being your mortgage lender.

As the lender has a ‘second charge’ on your property, they have protection that should you not for some reason be able to repay the loan the lenders have the equity in your home as security. Therefore secured loans are often easier to obtain than unsecured or personal loans, for example if you are self employed, or have and impaired credit history.

Secured loans are useful if you need to borrow funds and re-mortgaging your property involves a redemption penalty. In addition secured loans are useful for larger borrowing or if you require a longer repayment period. 

Secured loans are a available for a wide range of amounts usually from about £7,500 to £100,000 depending on how much equity you have in your home, your property value and individual circumstances.

Repayment periods can be from anything for three years to twenty five years.

Whatever the reason for a secured loan, Veritas Mortgages can help you and provide you with advice as to the most suitable type of borrowing available to you.

Remember, failure to meet your monthly payments to a secured loan can mean that you can lose your home.