Refinance Bad Credit and Repair Your Financial Profile

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Secured Loan Expert is a trading name of First Union Mortgages Limited one of the largest and most trusted finance brokers in the UK.

We specialise in finding the best loans for our clients from probably the biggest selection of loan deals in the UK with over 950 different deals available at any one time. We will match your requirements with all the deals on offer, ensure that you are aware of all the costs of each individual loan before you chose to apply. We will make the application on your behalf ensuring that your case is seen by the lender in the most favourable light.

Our experts are there to ensure you get the best deal and what’s more our help and advice is free so why not take advantage of our expertise.

A homeowner loan is a personal loan taken out against the equity in your property. Also known as secured loans, these are offered in exchange for you offering your home as collateral. Securing the loan with your home enables you to borrow substantial amounts of money for long periods. Moreover, because the lender puts a charge on your home as security, it offers very good interest rates and manageable terms.

Currently you can borrow up to the maximum limit of 95% of the equity in your home.

- You can obtain a homeowner loan by first comparing the deals in our simple comparison engine and choosing the deal that suits you most. Pay attention to the minimum and maximum loan amounts offered by each deal, as this will play a role in your decision making. When you have found the most suitable loan offer just contact our friendly team of experts who will answer all of your questions, help you with your application, get pre approval from the lender, and if required arrange for a valuation of your home whilst keeping you up to date throughout the approval process until completion.

It is still possible to get a secured loan when you are self-employed. This will be dependent on your personal circumstances and each lenders’ criteria. Our team can advise you as to the exact requirements when you call us.

At Secured Loan Expert all types of credit history are considered. The decision to lend is subject to individual lender criteria and your personal circumstances. Our expert team can provide you with more information if this is the case.

No. The only note on your credit file that will exist when you make an initial enquiry will be a Quotation Search which will only be visible to you and not by other searchers.

When you make a full application then a full search will be undertaken which will show up on your file at that stage. This will be visible to other lenders.

While this process is a lot shorter than a mortgage or re-mortgage application, the exact length of time from application to you receiving the funds depends on the amount of the loan required, the loan amount to the asset value, the lender chosen and your individual circumstances.

Once the loan is approved by the lender, they will transfer the money to you typically within 48 hours if electronic transfer is the payment method.

There are no upfront fees to pay.

All fees and charges that you have to pay to take out a loan will be fully detailed to you before you make any decision to go ahead.

If you have any questions at this point just call our friendly team who will be happy to help you understand what fees may be charged.

By Adam Brand.

Operations Director

Are you having a hard time obtaining a car loan or credit card because of previous credit problems? Do you wish there were a way to re-mortgage your home at a lower interest rate despite having poor credit? If so, you might want to consider an affordable secured loan to consolidate all of your current high-interest debt into a single financing package. Secured loans are a great way to refinance bad credit while repairing your financial profile.

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What is a secured loan? It is a loan offered blenders in exchange for collateral. In most cases, the collateral for secured loans in the UK is the borrower's home. Companies are willing to lend money with the understanding that they can repossess and sell a home in the event of default.

The advantages of this type of loan are well suited to the individual with bad credit. Those advantages are:

  • being able to borrow large sums for long periods of time
  • flexibility to spend the money however you see fit
  • Reasonable interest rates and comfortable terms.

Secured Loans for Refinancing

It might sound counterproductive to take out an additional loan when you are already struggling. However, it actually makes good sense when you think about it. To make it easier to understand, let us assume you have two outstanding personal loans of £10,000 apiece, each with interest rates at 7% or more. A secured loan taken against the equity in your home could offer you a much better deal.

Let us also assume you have £30,000 in equity from your home that you can use as collateral for a secured loan. Even at an interest rate of 5%, you would still be doing better financially by paying off your two personal loans with a single secured loan. Your monthly payments would be lower, making it easier on your budget as well. Taking out the full £30,000 would even give you £10,000 extra to pay for other expenses.

Repairing Your Financial Profile

A well-planned loan refinance strategy does more than just improve your monthly budget. It can also help you repair your financial profile, especially if you are currently struggling under the weight of high-interest debt. For example, having a lower monthly payment makes it easier for you to keep current. That is always good for your credit profile.

In addition, paying off your high interest debt will look good on your credit report. Future creditors would rather see you paying faithfully on a low interest secured loan than struggling with multiple higher interest personal loans and other debts. Those high interest accounts showing up as closed on your credit report proves to future lenders that you found a way to responsibly pay the debts off.

What You Need to Know

If a secured loan for refinancing high interest debt sounds appealing to you, there are three things you should know. First of all, your borrowing limit will be dictated by the amount of equity in your home. If you only have £30,000 in equity, the maximum amount you would be able to borrow is £30,000.

Second, your credit history will probably determine your interest rate and loan terms. So be prepared for higher rates and shorter terms if your credit profile is extremely cool. You will still likely get a loan but you will just pay more for it.

Third, most lenders use what is called the loan-to-value (LTV) ratio to help determine loan amounts. An 80% LTV ratio means you can only borrow up to 80% of your equity. It is rare to find secured loans offered at 100% LTV; keep this in mind when you are shopping around.

You can refinance bad credit with a secured loan to reduce your monthly payments and repair your credit profile. Secured Loan Experts believe secured loans are one of the most powerful tools that consumers have for consolidating high-interest debt. You should consider this kind of financing if you own a home.

Free Help and Advice from the Professionals

If you have any questions about how to refinance bad credit why not call our friendly team of secured loan experts, our advice is FREE. Our team can scour the whole of the market for the best refinancing secured loans deals offered by high street and specialist lenders. They will help you compare these side by side and chose the best deal to suit your individual circumstances. Once you have identified the right offer our experts will create and submit an optimised application ensuring that your case is viewed by the lender in the best possible manner.

Just call our friendly team for FREE expert help and advice today.

Call Us For FREE Expert Advice and the Latest Rates.

We source the best rates from the whole market

  • Borrow up to £2,500,000 Depending on the Equity in Your House.
  • Adjustable Repayment Terms from 3 to 30 years.
  • Secured Loans Can Be Used for Almost any Purpose.
  • Low Interest Rates.
  • Rapid Approval - Low Arrangement Fees.
  • Options for Homeowners with Bad Credit History.
We Will Find You the Best Secured Loan to Suit Your Individual Needs.

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