Who Can Apply For A Secured Loan

secured loans should be considered if you are a homeowner looking to raise money in your property.

secured loans as the name suggests is secured on your property.

To be considered for a secured loan you have to have equity in your property.  Equity is the difference in your house value and your mortgage balance.  secured loan lenders will usually work to about 80% LTV for example if your house was worth say £120000 and your mortgage balance was £75000 you could borrow up to £21000.  If you have had any missed payments or any other issues with your credit profile the LTV will be reduced.   There is talks of a secured loans lender entering the market and homeowners will be able to borrow up to 90%

secured loans are available if you are employed or self empoyed although for self employed the LTV will be around 75%.

Secured loan lenders will also look at affordabilty such as your mortgage payments and your monthly credit commitements to make sure that a secured loan will be affordable to you.

The main things a secured loan lenders look for is equity, income and affordabilty.

secured loans brokers will deal with the whole of the secured loans market and they will know who the best lender is for your circumstances to access this they will look at the above information.