Need to raise capital from the value in your home?
Have you considered a secured loan?
If you are looking to raise capital from the value in your home but are already enjoying the benefits of a low-interest rate deal with your current lender, you may be advised to consider a secured or 2nd charge loan as an alternative to a remortgage.
For many people, secured loans can offer a quick and relatively easy alternative to re-mortgaging and even more so, if your current mortgage deal is still in its early stages. Moving to another arrangement or lender too soon may incur a substantial early redemption penalty (ERP) for a switch.
While it’s likely that secured loans will carry higher interest rate charges, they can satisfy the needs of those looking to raise capital for practically any legal reason!
Some examples of where a secured loan can be used include debt consolidation, reducing a tax bill, improving your property, buying an asset and much more.
It should be noted that while you can search the market yourself for a secured loan, each time you apply, your credit rating could be put at risk with too many searches going against your name.
You can potentially avoid this risk by using an experienced financial adviser who should know which lender is most likely to approve your application based on your circumstances, before you actually apply.
As with any financial transaction, it is always advisable to seek professional advice before making important and far-reaching decisions.
Find an adviser near you and one who can help process your application online by using our free search tool.