Secured Loans
Your bank may offer 100’s of products and plans.
Promise Money has over 10,000
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%.
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More Help
2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:
Mortgages and Remortgages
Representative example
£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.
Secured / Second Charge Loans
Representative example
£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.
Unsecured Loans
Representative example
£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
If you have been introduced to Promise Money by a third party / affiliate, Promise may pay them a share of any fees or commission it earns. Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.