A secured loan is also known as homeowner loan and does require an asset to which you will secure the loan against.
If you want a secure loan then you will need an asset whereby its value is more than the value of the loan you require, as well as being able to cover administration costs and interest charges.
You do need to ensure that this covers the amount you need to repay, however in some cases some lenders are able to help you with negative equity if you find that the value of your home decreases and no longer covers the amount of loan that you have secured against it. See more information.
Many providers require you to be able to provide them with proof as to your identity and address. They will also need proof of your employment and income. For this you may be required to provide copies if your bank statements, your payslips as well as your recent P60.
Sometimes providers will also ask you for a guarantor as well as references that could be from your employer, a friend or colleague.
If you need further advice then please contact us and we will pass you onto a local financial advisor.
Secure loans in the London area
Hunter Finance is a provider of finance to property developments in London. They pride themselves in offering flexible loans to building companies, private individuals and commercial developers. All loans are secured. Apply online today.