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A secured loan is a second charge mortgage used to raise extra money instead of remortgaging, or taking out a personal loan.

Second-charge mortgages use your home as security. Many people use them to raise money instead of remortgaging. This can be particularly useful when your existing lender is unable to assist and there are significant penalties to switch to another mortgage provider. As the name suggests, this is a secured loan or second charge and therefore it will be paid in addition to your current mortgage.

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How do you get a secured loan?

Similar to a standard or first charge mortgage, a secured loan or second charge mortgage is based on your credit rating, available equity in the property, your income or general ability to make payments each month, and also the purpose for the borrowing being acceptable to the lender. On the last point, second charge lenders tend to be more flexible on the reasons for releasing equity from your property, including to pay an unforeseen tax bill.

We’ve already researched the whole of the market for the best options and aim to find you the one that best fits with your set of circumstances.

Please feel free to call us on 02394 170047 or request a callback.

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