Lender who offers Secured Loans UK requires the borrower to provide some sort of guarantee for the loan to be reclaimed, if regular repayments are not met. In most cases this guarantee is made on the borrowers property, therefore only home owners are eligible to apply for secured personal loans. Secured Loans UK taken out against a property that is owned outright are called first charges, whereas those taken out against a property with an outstanding amount left on the mortgage are known as second charges. This is because if repayments are not met and the loan company needs to reclaim the property to recover the remaining unpaid loan amount, the mortgage company have first claim on any equity released and only then will the loan company be able to take the funds they are owed. The amount available on a Secured Loans UK tends to be larger than that offered through an unsecured channel; this is because the lender has a guarantee that one way or another they will be able to reclaim their funds. Loan amounts may be anything up to 125% of the value of the secured property but tend to be between 3,000 and 100,000, although a higher amount may be possible. The interest rate applied to...
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