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Getting a £15,000 Secured Loan
Borrowers and homeowners often require additional funds released from the equity in their property. A £15,000 secured loan or homeowner loan as they are sometimes called could help you with home improvements, debt consolidation or be used for practically any purpose you se fit.
Most lenders will require that you can afford the loan and meet their lending criteria which, after completing the enquiry form on the right we can let you know with a quick phone call.
One of the main stumbling blocks for people wanting a loan secured on their property is the loan to value or equity available to a new lender. Most if not all secured loan lenders will want sufficient equity in the property to ensure the loan can be accommodated within your property and due to the credit crunch most are restricting their lending to a total of 80% of the property value - or 80% loan to value, this would include other loans secured on the property such as your main mortgage.
Who can get a secured loan?
Any homeowner can apply for a secured loan, the loan will sit behind your main mortgage which is why they are often referred to as second charges or second mortgages.
- Employed
- Self Employed
- No Proof of Income
- Home Improvements
- Debt Consolidation
- Car
- Credit Repair
- Holiday
- Property Extension
- Business Purposes
You can also apply for a secured loan with bad credit as a number of the lenders we deal with have products tailor made for borrowers with bad credit and can allow things like debt consolidation and credit repair for borrowers who have had credit problems.
A secured loan will be one of the cheapest forms of raising £15,000 as the loan is secured against your property - whilst second charge loans do tend to be more costly than 1st charge mortgage funds they are definitely cheaper than unsecured loans and credit cards as the lender is more likely to be repaid due to the fact the secured loan (or 2nd charge) is secured against your property.
