Secured Loans
A loan that provides the lender with some form of security.
What is a Secured Loan?
Secured loans are any loan that provides the lender with some form of security. Generally speaking this often takes the form of property which is held as collateral in the event you are unable to repay the loan.
Interestingly, both your home, or buy to let property can be used as security. The loan sits behind your existing mortgage lender, therefore being called a second charge.
Importantly, now under the remit of the Financial Conduct Authority (FCA), secured loans offer a genuine alternative to a remortgage or further advance. Under the FCA’s consultation paper CP14/20, “where a borrower wants to raise additional funds, they must be made aware that in addition to a further advance or remortgage, a second charge, or unsecured loan, may be more appropriate.”
Quite often, when a mortgage lender will not offer a desired amount due to affordability, meaning a remortgage is not an option for you, a loan of this type could step in to facilitate.
LSR Mortgages does not deal directly with Secured Loans. Therefore, your details will be passed on to one of or trusted associates for full details and applications.
