Find the best secured loans and second charge home owner mortgages even with bad credit
If you are looking for a bad credit secured loan or second charge to help with secured loan debt consolidation, secured loan home improvements, secured loan for business, secured loan car purchase, secured loan holiday property, secured loan gift to family member or secured loan buy to let then you have reached the whole of market second charge specialists.
Are you in need of advice on the best secured loans deal to suit your current financial situation?
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.
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.
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.
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.
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:
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.
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.