Why consider a secured loan?
Sometimes a remortgage isn’t the most suitable way to raise money. You might want to keep your current mortgage rate, avoid an early repayment charge, or your lender may not offer further borrowing.
A secured loan, also known as a second charge mortgage, lets you borrow against your property without changing your existing mortgage. Depending on rates, fees and the loan term, it may cost more or less overall than a remortgage or further advance. It’s important to compare the options before deciding.
What is a secured loan?
A secured loan is a separate loan secured against your property, sitting behind your existing mortgage. It can be used for a range of purposes, including home improvements, raising capital or consolidating debts.
Secured loans can be arranged against your own home or Buy-to-Let properties you own. Lenders consider a range of circumstances, including past credit issues and complex income.
Because the loan is secured against your property, your home could be at risk if you don’t keep up repayments on either your mortgage or the secured loan.
How we can help
We work with our specialist partner, The Loan Partnership (FCA reference 707809), who advise on and arrange secured loans. If a secured loan could suit your needs, we’ll introduce you to them. They will assess your circumstances and explain your options, including whether a secured loan is right for you.
Key points
- Low, medium and heavy adverse credit considered
- Employed and self-employed
- Debt consolidation
- Residential and Buy-to-Let properties
- No fee from Impact for the introduction
Fees
We don’t charge a fee for introducing you to The Loan Partnership. They may charge their own fees and receive commission from the lender, and they will tell you the amounts before you proceed. We may receive a share of their commission.
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
We may share your information with our third-party specialist partner, The Loan Partnership (FCA reference 707809), for the purposes of second charge lending. They work independently of Impact Specialist Finance Limited.