When you borrow using a secured loan (such as a home equity or second charge loan) your property is used as collateral. That means if repayments are missed, the lender has the legal ability to repossess and sell your home to recover the debt.
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If you’re exploring secured borrowing, you’ll often come across the terms first charge and second charge loan. Both involve borrowing against your property, but the differences affect how lenders are repaid, your level of risk, and the types of products available. Let’s break it down clearly.
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Did you know that in the UK, around 80% of all household debt is secured against property, while the remaining 20% is unsecured, such as personal loans or credit card balances?
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If you have a poor credit history, you may worry that lenders won’t approve your application. The good news is that secured loans are often more accessible for people with bad credit because your home or another asset provides the lender with reassurance.
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No, getting a second mortgage when you have just moved house is not easy and is generally more challenging than usual. Lenders typically prefer to see at least 12 months of stable mortgage payments on your new property before considering you for additional borrowing.
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Yes, virtually all secured loan lenders will perform credit checks as part of their standard application process. Even though your property serves as security for the loan, lenders still need to assess your creditworthiness, payment history, and overall ability to repay the borrowed amount.
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