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About The Mortgage

Mortgage For Home Improvements

Find the best secured loans and second charge home owner mortgages even with bad credit

If you are looking for a secured loan or second charge mortgage to help with with home improvements or a extension you have been planning then you have reached the whole of market second charge specialists.

Here at Amber Mortgage Solutions we understand that there is no such thing as a ‘one size fits all’ secured loan. So even if you’re searching for secured loans with bad credit, our experienced team will find you the right lenders with the best rates to suit your needs.

You Need Funds To Make Home Improvements

Do you want to borrow money for home improvements? Secured loans are a popular choice for this purpose and can prove more beneficial than a remortgage for several reasons;

secured loan rates can be as competitive as most mainstream mortgages, will often complete quicker than a remortgage and have no early settlement penalties. In addition, by increasing the value of your property you could benefit from a better loan to value ratio by choosing to refinance at a later date.

Arguably one of the biggest advantages of a secured loan for this purpose is that lenders will always consider loan applications for home improvements, giving you access to the whole market and making for a speedier completion process.

You want to pay off debts

In addition to home improvements, many people opt for secured loans in order to pay off their debts.

Borrowing for the purpose of debt consolidation is not only one of the most cost effective ways to borrow, but also a purpose for which most secure loan lenders are happy to lend. Having said this, it is still important to properly consider the risks that come with having secured loans against your house.

Still unsure if a secured loan could be of benefit to you? Our specialist advisors will be happy to walk you through the process, step by step, and provide you with the best solution for your financial circumstances.

What are Secured Loans and How Do They Work?

Secured loans are sometimes referred to as ‘second charges’, as they are generally lent on top of a main mortgage (the ‘first charge’). If a property is repossessed and sold, the main mortgage is settled before the second charge lender can settle their loan.

For example,
if a property is sold for £200,000 and the main mortgage is for £180,000, then the mortgage will be settled before the second charge lender can settle the remaining £20,000. However, if the second charge lender had lent £30,000 they would still be owed £10,000, which the borrower would be required to repay.

Arrangements can be made to ensure that any outstanding repayments are met, however not all borrowers may be in a position to repay their debts and so will be required to enter into IVA’s or declare bankruptcy.

Is a Secured Loan Right For Me?

There are many reasons why borrowers may benefit from a secured loan. Secured loans can be especially beneficial for those with a history of bad credit or borrowers looking to consolidate a number of large debts. This is because the interest rates on secured loans are generally lower than payday and guarantor loans.

Secured loans can be useful in the following situations:

You don’t want to switch mortgage deals

If you’ve found yourself with incredibly low mortgage rates then of course switching your mortgage over to a new lender may make little sense. Other situations where it wouldn’t be appropriate to refinance your current mortgage would be if you were tied into a deal and subject to Early Repayment Charges (ERC’s) which can be expensive (ranging from 1-5% of the loan repaid).

If you want to keep your existing mortgage as it is and secure a new loan on top then speak with a friendly member of our team today, for an expert comparison on the best deals and options available to you.

Things to Remember with Secured Debts

There are several things to consider before applying for a secured loan. Whilst for many they may seem an ideal solution, here are a few things you will still want to consider:

Borrowing terms

Whilst the rates on a secured bank loan may be more appealing than on an unsecured bank loan, secured loans often have longer borrowing terms which can prove more expensive in the long run.

Penalties

Secured loans commonly come with repayment penalties, which are charged if you refinance or overpay within an initial tie in period. That isn’t to say that there are some flexible deals out there. Our experience in secured loans mean that we can help you to find them.

Risk to your property

When securing debt on your home with a secured loan, it is important to remember that missed payments can lead to your home being repossessed.

Bad Credit Secured Loans

Are you worried about how your bad credit history may impact your chances of being approved for a loan?

Secured loans bad credit deals are ideal for borrowers with bad credit histories or borrowers who have been declined by high street lenders in the past. Bad credit lenders will not decline applicants based on bad – or even non-existent – credit scores alone. There are specialist bad credit lenders who will still consider applicants with minor or major bad credit incidents on their score, including a history of missed payments, mortgages or existing personal loans.

Regardless of your past credit issues, our years of experience and expertise mean we are able to give you the best possible chance of getting a secured loan, no matter what your past.

Finding Secured Loan Lenders

Looking for a secured loans direct lender? Here at Amber Mortgage Solutions we understand that finding a secured loan can feel daunting, especially if you have a bad credit history or have been declined by lenders in the past.

Our experience in secured loans mean that when a high street lender cannot help you, we can. It doesn’t matter where you are on your property ownership journey or what your credit history may be, our team of friendly advisors can find the right lender for you.

So why wait? For peace of mind contact us today and speak with one of our professional secured loan brokers.

How much can I borrow on a second mortgage?

A second charge mortgage allows you to use any equity you have in your home as security against another loan. It means you will have two mortgages on your home.

Equity is the percentage of your property owned outright by you, which is the value of the home minus any mortgage owed on it.

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Quick FAQs

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For the answers to some of our most commonly asked questions, below.

 

Frequently Asked Questions

Yes. Whilst getting a remortgage with bad credit can be difficult, it’s a common situation many applicants find themselves in.So whilst a bad credit history can make things tricky, there are steps we can help you take to start repairing your credit rating and get you back on track to finding the right remortgage for you.
Even with a bad credit score, it is still very possible for you to get a remortgage. There are varying degrees of what is considered to be a ‘poor credit’ score and one black mark on your credit file may not have as significant an impact on your remortgage application as you believe.
You may have been told that your credit rating is ‘bad’ or it might have been described to you as ‘adverse’. Essentially, in the context of getting a remortgage, both words mean the same thing and we are able to help you with both.
There is very little difference between the two, especially as different lenders will look at very different criteria when assessing a remortgage. However, if you know you have any recent defaults, IVAs, are on a debt management plan or have CCJs, you may want to seek the help of specialist advisors, like Amber remortgage Solutions, who will be able to advise on the best remortgage for you.
When looking for an affordable bad credit remortgage, there are still many options out there, they may just be that little bit harder to find. Whilst a few high street lenders may consider applicants with minor or historical credit issues, the majority will probably refuse an application with a bad credit history. However, there are still many independent lenders out there who will be able to offer you a suitable deal – you just need the right help to find them.
This really is dependent on the perceived potential risk you represent to lenders. Whilst there are some credit events considered more serious than others, such as CCJs or bankruptcy, there are still ways you can remedy your credit score to lower the costs to yourself. For example, if you have a CCJ from several years ago on your credit report, but you have since made all of your credit repayments on time and used them responsibly, whilst a high street lender may still refuse your application, this would look more favourable to an independent lender who can offer you the right deal.
Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help you on your way to obtaining the remortgage you need.We’re here to help you, not judge you, so call us on 01702 619 221.