Why choose us?
Your bank may have 100’s of secured loan plans – we have over 10,000!
Plus, we have…
- 30 years of experience
- No upfront fees
- Friendly and fast advice
Promise Money have secured loan plans available for everyone, including those with credit issues…
Using one of the most comprehensive secured loan panels in the UK, we can search for the best deal for you.
About Secured Loans / Second Charge Loans
A secured loan (or second mortgage) is a way of borrowing using a property (often a home) as security. Around 20 lenders offer secured loans in the UK & are often referred to as “specialist lenders”. They are able to offer flexible underwriting terms & can usually help those who have been turned down elsewhere.
Your home is at risk if you fail to make repayments on a loan secured on it.
Types and features
There are various types of secured loans available. For example:
Capital repayment – each repayment pays backs some of the capital (amount borrowed) and interest. Providing all repayments are made on time the loan will be settled in full at the end of the term.
Interest only – repayments are interest only. Providing all are made on time the balance at the end will be the same as it was at the start. Customers need an “exit route” (a source of money that will settle the loan in full).
Fixed rates – the interest rate charged is fixed for a number of years. When the fixed rate ends the customer pays the lenders standard variable rate.
Variable rates – the interest rate charged can vary up or down.
Tracker rates – the interest rate charged is set at a margin above the Bank of England’s base rate. For example if the base rate was 0.5% and the margin 3.5% the customer would pay 4%.