YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.  

If you are a Homeowner in the UK, you may be eligible to take out a secured loan (also known as a second charge loan). Secured loans are loans that are secured against your property, which is why they are only available to homeowners.  

With secured loans, you can enjoy increased borrowing power, depending on the level of equity within your home and your affordability, as well as longer repayment periods, which can help to keep your repayments to a lower level.

Before you commit to a secured loan, you should give careful consideration to whether you can afford it, as there are pitfalls to consider.  If you cannot keep up repayments on your secured loan, you could face loosing your home, so do ensure that you are able to afford the repayments.

You can choose to take out a loan secured on either a residential or buy to let property.

Things you need to know about second charge loans are:

• The rates and set up charges that are offered on this type of lending are generally higher than for a first charge mortgage (typically your main mortgage).
• A lender who has a second, or subsequent charge, can also force the lender who has the first charge (typically your main mortgage) to repossess the property if you have difficulties paying the loan.
• A second charge mortgage may offer a cheaper alternative to a re-mortgage if for example, you potentially will incur Early Repayment Charges by repaying your current mortgage, to release equity.
• Your first charge loan will not be affected although some lenders may not accept a second or subsequent charge on your property

For all Secured Lending advice, we may charge a fee, the precise amount will depend upon your circumstances, but typically the fee you will pay is £395, please follow the link for further information: How we are paid

DEBT CONSOLIDATION MAY INCREASE THE AMOUNT TO BE REPAID IN THE LONG TERM. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.