Bad Credit Secured Loans – with Poor Adverse History
If you’ve ended up with some poor credit, getting a loan is going to be more difficult, but not impossible. Frequent Finance can help. We are specialists who have relationships with lenders that have a more open minded view on people with a poor credit score.
- Massive choice – over 600 plans available, more than the comparison websites!
- Rates from 2.84% for second mortgages
- Term from 1 to 25 years
- Near prime, light adverse and heavy adverse all accepted
- Flexible loan to value requirements on 2nd charge loans
- Ideal for home improvements, debt consolidation, car purchase or purchase another property
- Self Employed, Employed, state benefits and even retired!
- Helpful and efficient service
Questions and answers.
Can the term of the secured loan be matched to my existing mortgage? Yes, with many lenders this is possible
Can my state benefit/pension income be used as proof of income? Likely Yes.
Can I get a secured loan if I am self employed? Yes, we have lenders that accept proof of income from the self employed
Can I get a secured loan if I have dividend income from my limited company? Yes, in most cases this is no problems
Will the lenders ask to see my bank statements? Likely yes.
Can I get a secured loan if I have little or no income? No! You must easily be able to afford the repayments.
Very poor credit Secured Loan Lenders
Many lenders that offer 2nd mortgages or 2nd charge secured loans are the same lenders that offer mortgages. Many of these lenders exist because people that have really good 1st charge mortgages are fools to pay them off with a remortgage. If you are a person that is lucky enough to have a mortgage from around 2005 or 2006 that’s some sort of tracker rate, now bank base rates are so low, your payments would be very low. There is no case to pay this mortgage back especially if your lucky enough to have one that’s interest only.
All secured loan lenders have to ask the 1st charge lender for permission to put the 2nd charge on the property, but this is usually acceptable.
Low rate homeowner loans for bad credit
Offering a lender a lot of security in the form of your home its likely the lender will be willing to offer an interest rate that will be favourable to you. Lenders compete for business and this is very much in your favour. What lenders care about is your ability to service the loan. If your looking for homeowner loans for poor credit you must prove that the payments a not a big financial stress for you.
Homeowner loans for bad credit instant decision
It is possible to fill in a form and get an instant decision based on your credit file, however the broker will want to do more investigaions on your income and existing outgoings.
These are some of the things that effect what rates are:
Bank of England Base Rate
3 month pound sterling LIBOR interest rate
UK 10 Year gilt – Ten year government bond yield currently about 1.3%
I feel bad for Barry as he had to chase me and my accountant for papers but as soon as he had all he needed my secured loan went through quite quickly. Thanks again!
I would like to thank Barry Greenwood for all his time, help & support that was given to me as I know he went above & beyond to get me the best secured loan deal possible.
From start to finish the service was outstanding from Barry Greenwood. He constantly gave us updates on the progress of the application. She is very friendly and make the whole experience easy. I would highly recommend Barry Greenwood.
My excellent loans adviser, Barry Greenwood at Putney Branch, was really quick to understand my needs, properly guided me all the way to completion. Certainly, he is a knowledgeable person with honest advices which is rare now a days.
Barry Greenwood and the team were very helpful and accommodating towards us getting all the information we needed to progress with getting a secured loan. I would recommend him as he was very approachable and was able to answer any questions there and then.
Barry Greenwood was very helpful and knowledgeable. He tailored the secured loan to our specific needs and got us a good deal. The agreement in principle was delivered within 24 hours and the loan offer came through just a week after the full application was submitted.
Barry was absolutely amazing, took all the time we needed to make sure we understood everything and that we could provide all paperwork necessary.
All went through quite quick thanks for that