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Secured loans are only available to property owners/mortgage holders where the lender can forcibly sell your home to get its money back if you can’t repay.
They are usually used where the size of the loan is not appropriate for a lender on an unsecured basis.
With a secured loan you are usually given a longer term. Sometimes as long as the remaining term of your existing mortgage.
To save money each month you can secure your borrowing for debt consolidation.
Examples of scenarios where a secured loan would be better than a remortgage with bad credit.
Firstly types of 1st charge mortgage you already have:
Secured loans are generally applicable when the amount of money you borrow is large and the term is much longer than say that of a personal loan or car finance.
Examples of 1st charge mortgages you may already have where a bad credit remortgage may be better
Signing away your home to a lender is not something you should do lightly as in certain circumstances it limits your options. However offering the lender collateral can allow you to access funds at a competitive rate even if you have some poor credit history.
Some people can have all their disposable income taken up with debt service to multiple lenders. Credit cards, store cards, catalogue accounts and even other high interest loans can consume all your income, making you a “debt slave”.
With a secured loan you can use this money to clear expensive borrowing and pay the money back over a longer term that can even be matched to the reminding term of your mortgage.
Also if you have an existing mortgage from a pre credit crisis lender this mortgage is likely worth keeping and a re-mortgage could be a bad idea.
House prices in the UK are recovering nicely, even outside London many areas in the United Kingdom are back above the 2007 September highs. This has made the home owners’ equity re appear so secured loans are easier to qualify for.
Today’s regulations make it difficult for you to get a loan you don’t have the ability to service, so if you have a lot of unsecured debt you can’t realistically service you might be better off doing debt management and hitting your unsecured creditors with a “hair cut” on their principal.
Prime lenders include
Adverse 2nd charge lenders include
Together Light Adverse Secured Loan
Equifinance Adverse Secured Loan