Description |
Features |
Questions |
Apply Now What is a a Personal Secured Loan?.
This is a loan to a single person or couple that is secured against their home. It is often called a "second charge". The lender will advance money which they secure against the home BEHIND the normal mortgage lender (who has what is know as a "first charge").
The loan does not have to be for the same term as the normal mortgage, so it can be structured to suit the individual requirements, and it can be for virtually any purpose, including paying off more expensive existing debts and loans (including credit cards), home improvement purposes, purchasing cars/boats, and funding for school fees or holidays, etc.
How much can I borrow?
Obviously this is subject to your income being sufficient to service the loan and having a good credit rating. Most lenders will only allow you to borrow up to a total of 90% of the value of your home, less of course the amount currently outstanding on your mortgage. First Plus will uniquely allow you to borrow up to 125% of the value of your home, less the current mortgage. So now you may well be able to raise sufficient funds to make that purchase that you felt was out of reach, and still at very affordable rates.
When can it be used?
A Personal loan is a fast and efficient way of using the equity on your home to raise funds without affecting your main mortgage in any way. Whilst it can be worth re-mortgaging from one mortgage lender to another, this can involve many fees, including Solicitors, Land Registry, Valuations, Arrangement Fees, and often the payment of a penalty to the existing lender for repaying prior to the end of a penalty period.
It can be used to raise money for a specific purpose and for a specific repayment term, without having any effect on the existing main mortgage, so that borrowings can be paid off at a rate to suit your own pocket.
What does it cost?
Personal Loans inevitably have a higher APR than the main mortgage because the lender takes a higher risk. Having said that, the overall cost is substantially better as there are normally absolutely no fees payable - ie. no valuations or solicitors fees, etc. These are all taken care of by the lender. The actual rate depends on the loan amount and the repayment term, so the monthly payment can be structured totally to suit your budget.
How quickly can I obtain the loan?
Unlike a re-mortgage, which can often take many weeks or even months, a personal loan can be processed in a matter of days, and the funds can be in your bank within little more than a week or so.
Where do we go from here?
Simply click on the 'Apply Now' link to move to the secure server and complete the very simple application form. The application will be assessed by the lender and you will be contacted within a matter of hours with a decision. You will not be under any obligation to proceed even if the loan is agreed!
