Secured LoansA secured loan is any loan that provides the lender with some form of security.
Now under the remit of the Financial Conduct Authority (FCA) Secured loans offer a genuine alternative to a remortgage or further advance. Under the FCA’s consultation paper CP14/20, “where a borrower wants to raise additional funds, they must be made aware that in addition to a further advance or remortgage, a second charge or unsecured loan may be more appropriate.”
A secured loan is any loan that provides the lender with some form of security; generally speaking, this often takes the form of property owned by the borrower. The property is held as collateral against the loan in the event the borrower is unable to repay the loan when required to. The secured loan is called the second charge.
Quite often when a mortgage lender will not lend a desired amount due to affordability criteria a secured loan could step in to facilitate.
Top Mortgage Solutions does not deal directly with Secured Loans and your details will be passed on to one of our trusted associates for full details and applications.