Lothian Mortgage Services can advise you on a range of secured loans for home improvement, buying a second property, debt consolidation and more.
What is a Secured Loan?
Simply put, a secured loan (often known as a homeowner loan) is a loan only available to property owners (or mortgage holders), where your house is used as a security measure for the lender – just like your mortgage – so if you don’t repay your loan, your house can be taken as collateral.
Because of this extra security, you can make your asset work for you, and can often borrow larger sums of money with better interest rates than on an unsecured loan.
Why Choose a Secured Loan?
They’re easier to obtain
Unsecured loans are almost always cheaper for those with decent credit scores, but secured loans provide lenders with, well… security, so they’re more willing to lend to less than perfect credit scorers.
You can borrow more
The maximum unsecured loan is £25,000, yet homeowner loans can be as much as £100,000 if you have the right circumstances.
You can borrow for longer
Secured loan lenders prefer to lend for longer periods of time, because of the higher loan amounts – this means you can be more flexible with your loan term to find the repayment that fits best for you.
For more assistance with obtaining a secured loan, please contact Lothian Mortgage Services today! We can offer home visits throughout Edinburgh and the Lothians for your convenience.
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