Understanding Secured Loans
Secured Loans (Second Charge Loans), can be used for almost any legal purpose, including: home improvements and debt consolidation. Sourcing a new loan from your individual circumstances and needs is our specialty. A variety of loans can be available to you including up to 100% for your main residence property value.
What can secured loans be used for?
Commonly made available to people who have gained a level of equity in their property, Secured Loans, sometimes referred to as second charge loans, are very adaptable and can be used for almost any legal purpose. In other words, you can obtain further borrowing secured against your property with an additional legal charge.
Home Improvements
A secured loan is a loan secured on your property and sits behind the mortgage lender. For home improvement loans,using this form of loan means that large renovations or extensions can be financed with the aim to improve the property value.
Debt Consolidation
Secured loans can be an effective solution for consolidating multiple high-interest debts into a single, manageable repayment plan. They provide swift access to larger loan amounts, allowing borrowers to settle outstanding credit cards, personal loans, or other unsecured debts without the delays associated with alternative financing options.
Holiday, New Car, HMRC Debt, etc.
Secured loans can offer a practical and accessible solution for funding major lifestyle expenses such as a dream holiday, a new car, or special events. By leveraging the value of existing assets, borrowers can access substantial funds quickly - often at lower interest rates than unsecured borrowing options.
Start Your Secured Loans Journey
Take the first step in getting a secured loan today.
Benefits of Secured Loans
Discover the benefits secured loans and determin if it's an appropriate financing solution for you.
Lower Interest Rates
Due to the security backing, lenders are taking less risk and in return can offer a more competitive interest rates compared to unsecured loans.
Higher Borrowing Limits
Secured loans typically allow for larger borrowing amounts, making them suitable for significant expenses like home renovations or debt consolidation.
Longer Repayment Terms
You can often spread repayments over a longer period of time (typically 5 to 30 years), making monthly payments more manageable.
Quick Release of Funds
Funds can be released in as little as one week.
Potential Drawbacks
Explore the factors to consider when choosing secured loans and make informed decisions about your financial future.
Your Property Is at Risk
As your property is used as security for the loan, if you fail to keep up with repayments the lender may repossess your home.
Additional Fees and Charges
Secured loans come with setup fees, possible valuation fees, and early repayment charges. These can add to the total cost and make them more expensive than unsecured loans.
Not Ideal for Small, Short-Term Needs
For smaller amounts or short-term needs, a secured loan may be too complex or costly compared to simpler products like a 0% credit card or a personal loan.
Longer Approval Process
While often faster than mortgages, secured loans can still involve more paperwork, credit checks, and property assessments, making the process slower than a simple personal loan or credit card.
Making Secured Loans Simple!
If you are considering a Secured Loan and want help to obtain the right product for you, then Try Financial can help. We have all the necessary know-how to obtain the best loan which will meet your requirements. Our team has over 80 years of combined experience helping people all over the UK find the most appropriate funding that suits their needs best. Bear in mind, too, that we can arrange Secured Loans up to 100% of your residential property's value. Why not see how we can help?
