Commercial and residential secured loans
A commercial secured loan or residential secured loan is a type of mortgage arranged using a client’s home or other property as security, by way of a second legal charge.
It is normal for someone taking out a secured loan to gain the consent of their mortgage company; this is a safeguard to ensure the residential mortgage and secured loan payments are affordable against income.
Secured loans versus remortgage penalties
A commercial secured loan (or residential secured loan) is generally arranged to avoid remortgage penalties when you have a fixed or promotional rate with your existing lender.
Most commercial secured loans (and residential secured loans) do not carry an early repayment charge, which enables more flexible borrowing – for example, you can end the agreement when you are in a position to remortgage.
There are many benefits of taking a commercial secured loan or residential secured loan over a remortgage.
- Low set up fees
- Borrow a secured loan for any purpose
- Most commercial and residential secured loans do not carry early repayment charges
- Can be arranged even if you have been declined an unsecured loan
- Borrow a secured loan from £5000 to £100,000
- Interest-only terms available on some secured loans
For more information on our secured loan products please call 0800 612 3167 or click below to apply
