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A Secured Loan is a loan where you put up the available “equity”
in your house, over and above your existing mortgage as a
security to the lender for the loan, effectively operating
as a second mortgage.
Secured Loans are usually available for amounts ranging from
£5,000 up to £100,000. Repayment terms can be from 3 years
to 25 years depending on your preference and your own circumstances.
Some of your monthly payments are used to pay interest on
the loan and the remainder will be used to reduce the outstanding
loan amount itself. The monthly payments are calculated so
that all of the loan is repaid at the end of the chosen repayment
term.
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Why should I consider a Secured Loan rather than
an Unsecured Loan?
Secured Loans are usually more flexible and
less expensive than an Unsecured Loan. This is because the lender
can afford to be more flexible as they have the security of
a charge against the equity in your house as a fallback.
This means you can usually borrow a larger amount through a
Secured Loan and usually at a lower rate of interest because
of the security available. The term of the loan can also be
longer which further reduces the monthly repayments you have
to meet.
The interest rates that you pay will depend on your individual
circumstances. We will arrange for the most competitive Secured
Loan we can source to be presented to you for your consideration.
If you Get
a Quote (click here) from Lagoon Secured
Loans we will help you obtian a secured loan to suit your own
requirements.
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What happens if I can’t keep up the monthly payments?
If you don't make the payments as agreed with
the lender then the lender could, as a last resort, be entitled
to force the sale of your house to get their money back if they
feel you are unlikely to be able to meet the payments obligations
you have agreed with them. It is therefore vitally important
that you are sure you will be able to meet the payments obligations
from your disposable income before you enter into a secured
loan arrangement.
As a matter of course you can arrange payment protection
insurance to safeguard against unforeseen events such as long
term sickness and redundancy, this is entirely optional.
What can I use the Secured
Loan for?
Your Secured Loan can be used for any purpose, it is totally
up to you. One idea is to use it as a part of a Debt
Consolidation exercise to bring all your borrowings
together to reduce your monthly outgoings. Alternatively,
you may wish to fund major expenditure for home improvements.
Equally your Secured Loan can be used to buy a new car or
to fund a dream holiday or to pay for one off expenditure
such as a forthcoming wedding or a special celebration. Secured
Loans are often used for these specific purposes and dozens
more. So its entirely up to you what you do with the
money.
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Can
a Secured Loan be arranged for me?
Yes if you are a homeowner and the amount you
want to borrow is adequately secured on the property that
you have available as security. This will obviously depend
on the amount you need to borrow. The best way is to Get
A Quote or more information now, it's totally without
obligation - click
here for your Secured Loan Quote |
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