The most common asset to secure a loan against is your home, in which case the loans are often also referred to as second-charge mortgages, further charge loans or 'homeowner loans'. When you apply for a secured loan, the lender will ask you to put up that asset as security. This ...
How does a secured loan compare to remortgaging? The main alternative to a secured or homeowner loan is to remortgage your property. The risk your home will be repossessed if you fail to meet the repayments still applies. However, if you have a large amount of equity in your home remort...
Close family member or friend of the applicant Homeowner (only if secured loan) Good credit score A regular monthly income (this might be set at a minimum of £800 or more) Must pass the lender’s affordability checkFrequently asked questions How many guarantor loans can you have? It’s ...
Loan calculator What do I need for a secured loan? You’ll need an asset which you own for the lender to use as security. You must own the car or piece of jewellery you want to use as collateral and the value of it must cover the loan amount. ...
Homeowner statusYou usually need to be a homeowner and have sufficient equity in your home to qualify.You don’t need to be a homeowner or own an asset to qualify. Approval timeCan take longer for the loan to be approved.The application process is usually pretty quick. ...
It may be easier to get a secured loan or borrow more because you must put forward an asset that you own as security for the loan. This will typically be your home, which explains why secured loans are often also called second charge mortgages or homeowner loans. Importantly, there’s a...
If you have a mortgage, it’s likely to be a condition of the loan that you must have buildings insurance on the mortgaged property. If you rent your home, you don’t need to pay for buildings insurance as that’s the landlord’s responsibility. However, particularly if you are furnishin...
loan, a debt consolidation loan, a long-term loan, a homeowner loan, a guarantor loan and many others. We also allow you to compare loans in the UK in real-time, so any form of comparison you need is available on LoanTube. It even has a state-of-the-art loan comparison calculator....
Homeowner’s insurance This insurance protects your home and belongings from damage or theft. The home insurance premium payment may be a part of your monthly home loan payment, although some lenders let you pay this yourself. You will need to check to see what your lender allows. ...
homeowner who borrows money to benefit from lower interest rates and pay off their mortgage sooner rather than later should consider a 20-year mortgage. In general, 20-year mortgage rates are lower than 30-year ones, helping to reduce the payments of interest over the course of the loan. ...