Secured Loans Wiltshire

If you are looking for a secured loan in Wiltshire, the Cotswold’s or most of the U.k  Elect financial solutions can help. 

As a whole of market mortgage broker in Wiltshire we have access to a range of secured loans that may suit your needs. What is a secured loan? It’s simply a loan, secured on your property, which ranks behind your first mortgage. They are secured against your property so if you default on payments then you may lose your home, but used correctly a secured loan is a great way to raise some funds.

 If you have equity in your property then you could borrow more in one of the following ways:

 • further advance from your current lender 

• new mortgage with a new lender (for example: a re-mortgage for a higher amount) 

• secured loan  

Why take a secured loan? 

If you’ve been refused a further advance or re-mortgage then a secured loan may be the answer. Lenders offering secured loans are usually more flexible in considering your circumstances than first charge lenders – if you have an average credit record, a secured loan might be for you. But it’s not just clients with a less-than-perfect credit score that could benefit. If your existing mortgage is on a low rate, or is interest-only, you may not want to re-mortgage the entire borrowing to a new lender, at what may be a higher rate. Or you may be financially penalised if you choose to take your mortgage away from your current lender. A secured loan avoids this, leaving the existing mortgage untouched, with the new loan secured alongside it. 

There is a downside, the new loan is secured on your property, so if you don’t keep up with the repayments, you could lose your home, in the same way you would with your first mortgage.

 Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please note that some mortgages such as commercial BTLs are not regulated by the FCA