For some time now its has been getting harder and harder to get mortgage lenders to agree extra funds for debt consolidation and capital raising. With the tightening of criteria and the fear of many lenders of falling foul of the regulators, applications are being scutinised more closely and tighter limits are being applied.
At one time taking out a secured loan (a second charge) on a mortgaged property was frowned upon, mainly because they were considered as a very expensive way to borrow money. But if you compare this to the cost of unsecured loans, credit cards and overdrafts, they offer an incredibly good option and great value for money. With rates starting from as low as 3.74% and borrowing available up to 95% LTV, this is now proving to be a very popular way to raise funds for all legal purposes. Secured loans can be used for many purposes and with more generous underwriting, the following reasons are available and are being offered by very reputable lenders;
Specialist lenders are also available to consider applications for people who have a poor past credit history and low credit score.