Secured loan separate from main mortgage
Quick to arrange with pragmatic, flexible underwriting

Why a secured loan?

A secured loan, or a second charge mortgage as they are sometimes referred to as, is a loan secured on your property. They are completely separate from the main mortgage and can be provided by a different provider with differing terms than the main mortgage. Situations where a secured loan may prove to be the better option include,

If you are locked into a fixed rate mortgage with high early repayment charges

Have an interest only mortgage and want to keep it

Have a lifetime tracker mortgage with a rate very hard to beat

Need to raise the money quickly and a remortgage will take too long

Have sole ownership and mortgage in your name only but need to include your partner's income for additional borrowing

Help children with university fees or getting on the property ladder

Need to release equity from a buy-to-let and don’t satisfy high street rental calculations

Bad credit which may include existing main mortgage arrears

What you need to know

Understandably, when people hear secured loan they think of personal loan and think the two types of loan are inter-changable. However, they are very different in structure and the consequences of failing to keep up repayments on a secured loan are very different from the consequences of failing to keep up repayments on a personal loan.

The type of secured loan we arrange are second charge mortgages which are secured on your property. Just like a first mortgage, or the main mortgage, if you fail to keep up repayments on a loan secured on your property you run the risk of losing that property.

Before arranging any mortgage, including second charge mortgages, your Lawrie Mortgages adviser will ensure you understand your obligations and the consequences should you fail to oblige.