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A Secured Loan is a loan where you will be requied to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances.
The amount that can be borrowed, the term available and the Annual Percentage Rate (APR) will depend on:
You need to think very carefully about how you manage a Secured Loan. If you default on the loan you risk losing your home.
A fee will be payable depending on your circumstances. An indication of the fee is £3000.
An early repayment fee may be payable depending on the mortgage you choose.
Adding existing debts to your mortgage will both extend the repayment term and increase the overall cost of the debt.
Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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