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If your client has equity tied up in an existing property, then a second charge secured loan could be just what they need to unlock new funds.
What is a second charge secured loan?
It’s a loan that is secured against a home over a fixed period of time. As such it can be used to borrow larger amounts, with generally lower rates compared to other borrowing options.
The client would need to own their own property or hold a mortgage to be eligible. However, if the homeowner fails to pay back the loan or defaults on it, their home could potentially be sold to enable the lender to recoup any losses.
What can a second charge secured loan be used for?
Clients who might not have access to savings, or simply don’t want to disturb their main mortgage, invariably take out a secured loan to cover large expenses. Such as home improvements, debt consolidation or an investment in another property.