A secured loan is exactly what it says, a loan for which the lender requires security against property in the form of a land registry charge. These loans are regulated by the Financial Conduct Authority (FCA). This charge takes second priority on the property after the first charge (usually a mortgage). A secured loan (sometimes also known as homeowner loan or second charge mortgage) can only be issued where clients have a first charge mortgage registered against their property. Where no mortgage is held, any secured borrowing taken out would take a first charge and therefore effectively be a mortgage.
As a secured loan takes a separate charge over the property, it doesn’t affect the current mortgage. This is particularly useful where clients are happy with their current mortgage company and/or are unable to move away. If you are looking for secured loans, here at Royale Standard we are able to find the best financial advisors and plans for your circumstances.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
Royale Standard are the introducer between the client looking for financial advice and the lending source.
Royale Standard is not regulated by the FCA.
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