Secured Loans

Secured Loans and Homeowner Loans from ACC Associates

Secured loans or homeowner loans are a well established part of the mortgage lending market and they can provide you with additional funds if you are looking to raise additional money for the purposes of perhaps debt consolidation, home improvements, a new car or many other reasons.

Feel free to call us on (01249) 599019 for quick secured loans and homeowner loans to start your search and take advantage of your ACC Associates broker service, or continue reading to learn more about secured loans and homeowner loans.

What can I use a secured loan and homeowner loan for?

One of the first questions you may be asking yourself is – can I use a secured loan or homeowner loan for my or our borrowing needs? The simple answer is you can use a secured loan or homeowner loan for almost any purpose. Many people use homeowner loans and secured loans to consolidate existing debts such as credit-cards and personal loans. For others, it maybe for a new car, a dream holiday, a wedding or your children’s school or university fees. Although this is not an exhaustive list, some of the many purposes of you having a homeowner loan or secured loan are as follows:

  • Buying a new car
  • Building an extension to your home
  • Building a Conservatory
  • Having Cosmetic surgery
  • Consolidating debt
  • Decorating your home
  • Raising deposit funds to invest in a buy-to-let or commercial venture
  • Having a new kitchen, bathroom or similar home improvement
  • Paying for a wedding
  • Paying for school or university fees
  • Taking a much deserved holiday

There are numerous purposes you may wish to borrow funds via a secured loan or homeowner loan. We feel one of the important points to remember is you may have more options than you think at present to borrow the money you need. At ACC Associates we pride ourselves on helping you explore the options available to you, so you can make an informed decision as to how to borrow the money you need – as opposed to you just being given the one option a particular company can provide to you.
Feel free to call us on (01249) 599019 for quick secured loans and homeowner loans to start your search and take advantage of your ACC Associates broker service, or continue reading to learn more about secured loans and homeowner loans.

What is a secured loan and homeowner loan?

A homeowner loan or secured loan (also known as a second mortgage or second charge) is a loan secured against your existing home or property (just as a normal mortgage) – the loan is made in addition to the mortgage loan which you may already have on your home. Your mortgage is known as the “first charge” and the homeowner loan or secured loan is known as a “second charge”. This type of loan is different to a personal loan as the homeowner loan or secured loan provider will take a “legal charge” over your home or property – this will provide them with security for the loan they make to you.

Why take a secured loan or homeowner loan?

here are situations where a secured loan or homeowner loan may be considered more suitable than you raising funds by remortgaging your property or taking a further advance with your existing mortgage lender. For example, if one or more of the following circumstances apply, a homeowner loan or secured loan may suit your needs:

  • You are subject to high early redemption charges on your existing mortgage
  • You have an attractive rate on your current mortgage and you do not want to sacrifice this in obtaining your additional funds
  • You may have acquired some adverse information against your credit file since taking out your existing mortgage and we are unable to remortgage you onto a new deal
  • You may want to keep your existing mortgage separate to your new borrowing as it’s for a specific amount you want to keep track of individually as it reduces
  • You may want to pay off your new loan sooner than your main mortgage
  • You may want to borrow the funds as soon as possible – there are occasions where a secured loan has proven a speedier way to obtain additional funds
  • Your income circumstances may have changed since you took your current mortgage which means your income is no longer acceptable to a “first” mortgage provider
  • The sum of money you require is unavailable via a first mortgage due to stricter affordability constraints
  • The homeowner loan or secured loan is required for business purposes which is unacceptable to your mortgage provider for additional borrowing.

One of the above reasons may be the situation you find yourself in or there maybe another good reason for taking a secured loan or homeowner loan.

What do I do next to enquire about a secured loan or homeowner loan?

If a secured loan or homeowner loan is an option you would like to discuss or enquire about you can phone us on (01249) 599019 and take advantage of your ACC Associates broker service.

 

Secured Loans will be referred to an Intermediary Partner who can provide advice in this area.