Improve Your Chances of Approval for a Second Charge Loan

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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 Melinda (Milli) Haine.

Loan Underwriter

Most of us have experienced those times when we could have used some extra cash for one reason or another. If you are a homeowner, you have access to cash by using the equity in your home to obtain a second charge loan. The amount and length of your borrowing can be flexed according to what you need the money for and how much equity you have. What's more, most loans of this type can be arranged quickly and without a lot of hassle.

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Perhaps the biggest advantage of second charge secured financing is that you can use the money for a long list of things. Unlike a dedicated loan for car or house, a secured loan can be used for debt consolidation, home improvement, or to pay the unexpected expenses that accompany a wedding or university education.

Some consumers even use a second charge bridging loan to cover the financial gap that might exist between purchasing a new home and selling the old one. Bridging loans, which were once only the domain of commercial property owners, are now popular among residential homeowners as well.

In order to ensure you get the second charge loan you are after, you do the following:

  • Know Your Equity – Secured loans are based on some sort of collateral. In most cases, that collateral is the equity in your home. So know what it is before you apply. You will not be able to borrow more than this amount.
  • Understand LTV – You need to understand the loan-to-value (LTV) ratio before you apply. The LTV ratio is the percentage of the equity in your home that you are eligible to receive. The combination of equity and LTV ratio define your borrowing power.
  • Maintain Your Property – Equity is the difference between what your property is worth and how much you still owe on it. In order to maximise equity you need to take care of your property. Do not neglect routine maintenance and, when something does break, get it fixed right away.
  • Maintain Your Credit – Some lenders advertise secured loans without any credit check or verification of income. However, these loans are the exception, not the rule. You can help your case by maintaining good credit in the months leading up to applying for second charge financing. Better credit increases the chances of being approved.

It is important that you only apply for one secured loan at a time. Why? Because every time you apply for a loan, the lender runs a credit search on you. Those credit searches count against your credit score to some extent. Multiple searches in a short amount of time make it appear as though you are desperate, reducing your overall credit score.

Compare Lenders

Ensuring you get the second charge financing you're looking for is a combination of the things mentioned above and the process of comparing multiple lenders side by side. You can use the Secured Loan Expert whole of market lender comparison tables which provide the best rates on offer along with all the loan details you will need.  A comparison does a couple of things. First of all, it shows you which lenders are most likely to offer you the best rates and terms. Second, a comparison gives you a benchmark enabling you to create a short list of the most favourable lenders for your circumstances.

You can use that short list as a starting point when you speak with one of our friendly experts prior to making any application. When you contact them, do not be afraid to ask as many questions as you need. It is important that you know the details before you actually apply. On the outside chance you are rejected, take a look at your credit report. There may be something out of order that can be easily rectified.

If you own a home with equity, you might be able to take advantage of a second charge loan for any number of purposes. You might want to consider such financing if you're looking to make home improvements, consolidate higher interest debt, or meet unexpected expenses with fast, affordable financing.

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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