Masthaven Discounted Rate Secured Loan
Reductions of up to 0.5% on the Secured Loans variable rate, with the new headline secured loan rate now 6.75% and the Lender fee still remaining at 2%. 75% LTV MSL Prime rate reduction by 0.5% to 7.95%. MSL BTL Secured Loans reduced by 0.4%, with a headline rate of 7.75% and 3 year fixed rates starting at 8.5%. All other MSL Secured Loans rates have been reduced by 0.4%.
Paragon Personal Finance Prime Rate Secured Loan
Paragon offer attractive rates with a representative 5.6% APRC VARIABLE. They provide second charge mortgages of any amount between £15,000 and £500,000. They can offer a repayment term of 60 to 300 months. Paragon make sure their loans are clear and easy to understand and you can always find out how your application is progressing. They do not charge a Telegraphic Transfer fee.
What is a secured loan?
When it comes to borrowing money, a secured loan is a higher risk as it is directly tied to something you own, normally your property, car or valuable piece of jewelry.
Although this method is much riskier for you, it is less of a risk to the lender as it allows them to sell your personal belongings if you can’t pay your loan. Therefore, you are more likely to get a secured loan if even if you have a bad credit history.
You can borrow a much larger sum of money using a secured loan and they also tend to accept longer terms, usually up to 10 years, which gives you longer to pay it back.
Unlike unsecured loans, they are likely to apply restrictions as to what the money is used for. Some of the main types of secured loans include homeowner loans which are secured against your property and can last for anywhere from 3 to 35 years and logbook loans which are secured against your vehicle. The money you borrow with this type of loan can be used for any purpose.
Another common type of secured loan is a bridging loan used to ‘bridge the gap’ between other finances being arranged. As this is more of a short-term funding option, they can be significantly more expensive than other types of loan.
FAQs about secured loans
Why might I need a secured loan?
There are many different reasons why you might decide to take out a secured loan. For example, taking out a mortgage, buying a car, or as a stop-gap as you wait for other finances to come through.
What can I use a secured loan for?
Secured loans are usually used for a specific purpose, therefore, the type of secured loan you choose should reflect what you intend to use the money for.
How much does a secured loan cost?
The cost of your loan can vary depending on how much you borrow and how long you borrow for. Your credit history and income can also impact the interest you will pay.
Can I get a secured loan if I have a bad credit history?
A bad credit score may reduce the options available to you or increase the interest rate you have to pay. However, as a secured loan is directly tied to something you own, you’re more likely to get this type of loan with a poor credit history than an unsecured loan.
What do I need to apply for a secured loan?
You will need to provide your bank details, employment details, proof of address and personal details, such as your date of birth.
Do I have to be a homeowner to get a secured loan?
The majority of secured loans are only available to homeowners, but some will let you secure the loan on other valuable assets.
How long can I have to pay back a secured loan?
Most secured loans offer terms up to ten years.
What will happen if I can’t pay back the loan?
As a secured loan is attached to one of your assets – likely your house - if you’re unable to pay back the debt, the lender can force you to sell your home (or whichever asset the loan was secured against) to get their money back.
Can I cancel my loan?
Yes, most lenders allow a 14 day cooling off period to cancel your loan. You will be required to pay back any money borrowed during that time within 30 days of cancelling.