Secured Loans

When it comes to finance options in the UK, there are a number of loan types on offer, one of which is the secured loan which is available through Openloans. The secured loan is a type of loan that caters for those looking for finance, and is a loan that is secured against an asset, which is usually the home. Secured loans are therefore available to homeowners, with lenders offering the loan on a secured basis against the property. Secured Loans are not regulated by the Financial Services Authority.

There are a number of benefits available to those that decide to take out a secured loan as it can be an affordable way of borrowing for many consumers, as you can often enjoy far lower monthly repayments on this type of loan compared to an unsecured loan. You will find that they are available from a range of reputable UK lenders, but it is important to remember that the interest rates, repayment periods, and other terms and conditions can vary from one lender to another, so it is important to compare a range of secured loans in order to find one that suits your needs and your pocket. 

How do secured loans work?
A secured loan is one that is secured against an asset, usually your home, and these loans can often take longer to process that unsecured loans simply because of the additional information required, such as property valuations and proof of home ownership. However, this type of loan is also the most affordable option for many borrowers and there are a number of factors that can determine how much you will end up repaying on a monthly basis.

You will often find that the interest rates charged on secured loans are very competitive, so you can enjoy real value for money, as lenders can afford to offer lower interest rates because the loan is secured against an asset. You will also find that secured loans are available over a longer term, which can help to keep the monthly repayments down because the overall debt is stretched over a lengthy period. In addition to this, you will also find that your borrowing power is likely to be far higher with a secured loan that with an unsecured loan, and most lenders will base the amount that you can borrow on the available equity in your home, which is the market value of your property minus any mortgage or other loans already secured upon it. 

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When applying for a secured loan (also known as a second charge mortgage) through Brilliant Advice you can be assured that they will search the market until you receive the right loan at the most competitive rates. Many people take a secured loan to:

• Consolidate their debts 
• Pay for home improvements 
• Buy the new car they’ve always wanted 
• The amount that you borrow is secured against your home just like a mortgage.

Let Brilliant Advice help you from the hassle of existing debt and consolidate into an easier to manage monthly payment.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.  YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Loans subject to status. Loans secured on your home. Written quotations on request.

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The products and services promoted here are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business, these products are not regulated by the Financial Services Authority.