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Our Secured Loan Lenders
The secured loan market has grown steadily in recent years. The continuing rise in UK house prices means that homeowners have large amounts of equity they can borrow against. Secured loans allow owners to do this without needing to remortgage. They also allow homeowners to borrow more and at lower rates than they could with a personal loan.
In spite of their growing popularity, you won’t find secured loans being offered by high street banks. They prefer remortgages, but these aren’t always the best choice.
Secured lenders work through brokers like us which is good for you as it means you can compare the deals side-by-side.
The Lenders We Work With
Our aim is to work with a large number of trusted lenders to ensure that we are able to find you the loan that meets all your requirements, and is not just about a competitive price. For instance, you may wish to fix your rate for a period, or you may want the flexibility to pay off some of your loan early without having to pay a penalty.
Here are just some of the lenders we work with. You can find out which lenders and which deals are available by viewing today’s best buy table.
Trusted Lenders: Fully FCA Regulated
Secured loans are also known as second-charge mortgages. Since March 2016 secured loans have been regulated by the Financial Conduct Authority (FCA) under their mortgage regime rather than their consumer credit regime. This move makes sense from a risk point of view and provides consumers with more protection. Lenders must now make more detailed disclosures to consumers.
What a Secured Loan Broker Does
There are two reasons why having the input of a broker is important when choosing your secured loan:
- Loan values are much higher than the average unsecured loan
- The loan itself is secured on your property, with the associated risks.
So, it is really important that you are certain you want to follow this path and that you get the best deal. To ensure this our secured loan broker follows this step-by-step process:
- After you apply a new business coordinator will have a 10-15 minute conversation with you to gather the necessary information.
- A CeMAP (Certificate of Mortgage Advice & Practice) qualified advisor focuses on what is important to you
- checking your requirements – your motivation for the loan, how much you can afford, and over what period you’d like to repay it.
- presenting the best deal to you
The CeMAP advisor will focus on 3 components before selecting the best secured loan option for you:
- Your income and outgoings to allow assessment of loan affordability
- The equity in your property to ensure it is great enough to meet the requirements of the loan
- A credit search (soft search) to check your creditworthiness
When it comes to choosing the best loan for you the FCA requires all brokers to follow the “cheapest product rule”. This means doing the best for you rather than any other party.
Secured Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.
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