Secured Loans

Secured loans are a form of financing secured against the borrowers existing property, and secured as a second charge. Secured loans can be secured as a second charge against residential property (owner occupied or Buy to Let), Commercial Property, or Land.

Secured loans have now become a recognised part of the lending market as they can provide additional funds at highly competitive rates.

Vision Finance caters for those who may have had difficulties obtaining credit in the past as well as for those with an excellent credit rating.


Key features of secured loans


  • Second charge mortgage secured against existing property
  • Loans can be raised for any legal purpose
  • Loans from £10,000 to £300,000 plus
  • Loan terms from 3 – 30 years
  • Up to 95% LTV
  • Capital Repayment and Interest Only options available
  • Loans carry very low Early Repayment Charges - max ERC is one month’s interest
  • Lenders cater for applicants who have had difficulties obtaining credit in the past
  • Secured loans can be typically completed within 17 to 30 days
  • No upfront costs for your client - Vision Finance will cover all legal and valuation fees

The distinct advantages of a secured loan compared to a re-mortgage


Quicker

Secured loans are typically completed within 3 to 4 weeks from the date of the initial application, rather than the 8 to 12 weeks required for a re-mortgage. This is advantageous if you have a client looking to raise funds quickly. Please click here for further information on the secured loan process.

Cheaper

If the client currently has a very low Standard Variable Rate or tracker mortgage that they would lose if they re-mortgage, then it is particularly worthwhile to investigate the benefits of a second charge loan. Additionally, if the re-mortgage is for a client whose credit-rating has declined then the whole balance of the re-mortgage is likely to be at a higher rate. The borrower will also avoid paying any heavy redemption penalties on their existing mortgage.

Simpler Application process

A secured loan application typically involves a 1 or 2 page application form and an instant “in principle” decision, with completion typically occurring within 24/48 hours of the lender receiving all of the correct documentation.


Uses for Secured Loans


  • Home improvements
  • Debt consolidation
  • Purchasing a new car
  • Tax bills – corporate or personal
  • A deposit for an investment property
  • Any other legal purpose

Please speak to one of our experts on 0207 206 2500 to find out how your clients can benefit from the various solutions a Secured Loan provides. If you are not yet registered, please Register as an Introducer.