If you have been declined for an unsecured loan, for any purpose - You may consider a homeowner only secured loan against your property. More commonly referred to as a second charge mortgage. Or, you can consider a remortgage to release funds this way.
Many people with a poor or bad credit rating are falling into a Payday Loan dependency and their excessive unaffordable debt level is increasing
as a result. The Typical APR% of a second charge mortgage can be as low as 3.65%.
A secured loan is a great option for you if you’re thinking about taking serious action against your debts. If you have debts such as store cards, credit cards or even overdrafts, a tailored homeowner loan could help you.
This is an option that will allow you to consolidate all of your debts into one monthly payment. You’ll find that this becomes much more affordable for you and it will be less costly and stressful than juggling multiple payments to various debts each month. An added bonus is that you won’t have the additional interest you would get from each debt that you owe.
If you’re a homeowner, then yes. You are eligible to be considered for a secured loan. Having a poor credit rating can sometimes hold you back from getting the best rate possible but it doesn’t mean that you’ll be turned away.
If you are accepted, then you will need to offer your home in order to secure your loan. When you have a number of debts and your credit rating is poor, lenders require you to put your house against your loan to protect themselves. To any lender, this is you committing to paying them back as they know you won’t want to risk losing your home. This may seem strict, but a secured homeowner loan is one of the most efficient ways of paying off your debts and you will be saving on various lots of interest as well as the stress of having multiple debts to pay off.
Our team are always happy to go through all of the terms and conditions with you should you want to hear more about obtaining a secured loan. It can seem like a big risk but loans like this can help you to rebuild your credit score and your repayment term tends to be much longer than on other financial products, giving you the time to pay back your loan at a rate that suits you.
Call us today on 0141 380 0588 to find out more.