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Bad Credit Secured Loans Direct Lender – No Product Fees Loans – 3.39% – Updated For 2022

UK bad credit secured loans direct lender

Secured Loans Bad Credit Direct Lender

No broker fees with our direct lender secured loans.  This page is leased to them every month.

  • Rates as low as 3.39% for 2nd and 3rd charges for larger amounts over £10,000
  • Up to 90% LTV (loan to value) for a Secured loan bad credit direct lender
  • Open-minded view is taken to all forms of adverse credit
  • No early repayment charges
  • Valuation fee-only £295 for most properties

Please fill in the form below

  • Details of your home

  • About You

  • Please enter a number from 18 to 100.

This relates to other lenders for Homeowner Loans that do not qualify for our direct lender.  A secured loan bad credit direct lender can be a very lower overall cost.

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 or a larger loan
  • Term from 1 to 25 years in your secured loan application
  • Near prime, light adverse and substantial 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!
  • Terms up to 30 years when a loan is secured via a registered office
  • Helpful and efficient service to ensure low monthly payments
  • Lower loan repayments from your bank accounts or registered company
  • Instant decision with some lenders without a massive broker fee
  • Pay down your unsecured debt with a homeowner loan secured on your property
  • Your income is more important than your credit score
  • Get a higher loan amount with a flexible repayment term to lower the risk involved
  • Work towards a higher credit score and put poor credit histories in the past for a better financial future
  • Avoid the mainstream lenders that will reject you and get the right loan
  • Improve your personal circumstances by paying back your guarantor loans and avoid a county court judgement for a default
  • Repayments on a mortgage in your name must be up to date and some other kinds of credit agreements
  • Lenders designed specifically to allow you to borrow to pay off old high cost debts
  • You may be able to get a better rate for other reasons for a lower amount of money per month
  • Be aware that you may declined for many reasons especially if you lie on the application
  • Some of the best options for people that want to consolidate debt to a lower monthly cost
  • Details of your home

  • About You

  • Please enter a number from 18 to 100.

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 and their APRC representative

Many lenders that offer 2nd mortgages or 2nd charge secured loans are the same lenders that provide mortgages.  Many of these lenders exist because people that have outstanding 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 tracker rate, now bank base rates are so low, your payments would be meagre.  There is no case to pay this mortgage back singularly if you are lucky enough to have one that’s interesting 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 – best rates – finance options

Offering a lender a lot of security in the form of your home, it’s likely the lender will be willing to provide 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 you’re looking for direct lender homeowner loans for poor credit, you must prove that the payments a not great financial stress for you.

Homeowner loans for bad credit instant decision – apply for a loan

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 investigations on your income and existing outgoings.

Interest rates for a secured loan bad credit direct lender – get a representative example from an appointed representative

Lenders want to lend at a higher rate than government bond yields.  As some UK bonds now are at zero or even negative the rate on secured loans bad credit direct lender can be at least 300 basis points higher than the equivalent duration government bond (gilt-edged security).

These are some of the things that affect what rates are:

Bank of England Base Rate

https://www.bankofengland.co.uk/boeapps/iadb/Repo.asp

3-month pound sterling LIBOR interest rate

https://www.global-rates.com/interest-rates/libor/british-pound-sterling/gbp-libor-interest-rate-3-months.aspx

UK 10 Year gilt – Ten-year government bond yield currently about 1.3%

secured loan bad credit direct lender

  • Get a loan for bad credit to pay down your unsecured loans – a secured homeowner loan for other debt
  • Your bad credit rating and credit record is not as important as your income and proof you can pay
  • When you have loans for other consumer credit and existing debts – even payday loans or utility bills coming out of your bank account a different times of the month it’s easy to miss payments.  A mortgage broker will see this.
  • A bad credit loan for bad credit history can involve specialist lenders – and the annual interest rate doesn’t have to be very high as many lenders offer lower rates because of your property value
  • After you get the right secured loan its common for credit agencies to observe a reduction in missed repayments and the improvement of the previous poor credit rating – the previous poor financial history disappears into the past
  • You can compare loans from many places including from loans warehouse, Norton finance and even high street lenders if you find you actually have a good credit score
  • Secured loans for loft conversions

 

 

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Metrobank Equity Release
Yorkshire Building Society YBS Lifetime Mortgage

Equity Release Yorkshire Building Society YBS

Metrobank Lifetime Mortgage
Which? Equity Release Scheme
Yorkshire Bank Equity Release Scheme
YB-Yorkshire Bank Lifetime Mortgage
Which? Money Lifetime Mortgage
Legal & General Lifetime Mortgage
Mortgages For Pensioners Over 60

Secured loan bad credit direct lender

For many people, a secured loan bad credit direct lender can have a very low upfront and overall cost over the terms of the loan.  For secured loans bad credit direct lender the valuation fee could be as low as £250 for many types of property.   When searching for homeowner loans direct lenders its key to avoid brokers that charge massive fees.

Secured loans for bad credit instant decision home illustration

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Secured loans for bad credit direct lenders UK typical home

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Home with a mortgage and secured loans for bad credit instant decision

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Secured loan direct lender UK

Many people are looking for secured loans bad credit direct lender as many parasitic brokers charge fees that can be around 10% added to the loan.

There is a massive demand for equity release under 55 because people are looking to release equity without a monthly payment this appeals to people that are looking for secured loans for bad credit direct lenders. However, Santander retirement mortgages are only available to people over 55 or 65 in some cases. The same applies to Santander lifetime mortgage deals. Halifax lifetime mortgage deals can offer meagre rates, even near to conventional status mortgages. Santander equity release is also a meagre cost if you use Frequent Finance to apply to Santander without a brokers fee.

Having a longer repayment term could increase the total amount repayable depending on the type of loan, but there are still some great rates offered by building societies in May 2022.

A Nationwide lifetime mortgage is suitable for very low loan to value options (like Nationwide equity release), but NatWest equity release you could maybe release more money if you are younger. Halifax equity release and retirement mortgages Halifax are great products, just like products from the Pru Prudential lifetime mortgages and  Prudential equity release.   Lloyds bank equity release is also very popular.

It is hard to find a secured loan with no proof of income with the possible exception of some overseas lenders as regulators don’t like them.  It is a similar situation for secured loans online decision as it would be very hard for a lender to make an online decision without having seen bank statements, payslips and land registry data for the property.

Bad Credit Secured Loans for UK Homeowners in 2022 – work exclusively with Frequent Finance

As unsecured loan options are generally limited in terms of size and credit history criterion, if you want to borrow money a personal loan with low monthly repayments is not likely the best option.

If you have a poor credit history a loan with bad credit can be achieved with the help of a broker, not a lender, where the best secured loan is chosen carefully based on the lender fee and the lender criteria.

With a debt secured on your home, secured loans typically are awarded on the basis of your income and not your credit report.  A secured loan with bad credit can help your monthly outgoings and save money each month by consolidating existing borrowing at higher rates including personal loans and other unsecured credit.

Secured loans tend to be used to pay back other bad credit loans or other higher rate loans secured on your home.  Credit reference agencies will be consulted with a soft search so other debts will be visible.  How much equity you have in your home will be crucial and it may be wise to get debt advice before taking your loan to value on your home much higher and taking on a higher monthly repayment.

Bad Credit FAQS and other details to find a loan:

Can a credit check hurt my credit?

Yes, many credit checks can be a sign to a lender of credit problems.  Soft unrecorded searches however are not a problem.

Will missed payments result in me being offered a higher interest rate?

Yes, this is likely but the lender’s criteria and repayment schedule for longer period debts against your home will be acceptable to you as your current circumstances will have to fit the individual lenders eligibility criteria.

Is the Electoral roll still important to my ability to get a lower interest rate?

Yes, it’s in your interests to get yourself on the electoral roll now if you are not already on it.  People with poor credit need all the signs of stability they can get.

Should I think carefully before securing debts on my home?

Yes, it is a serious commitment to move original debt that is unsecured onto a long loan term with a repayment plan on your home.

How important is it to keep up repayments on home loans or bad credit homeowner loans?

It is very important to keep up payments on all financial products, and if you don’t maintain repayment terms on your larger loan secured on your home, your home may be repossessed.

Will the right lender understand if I have an unexpected expense?

No, to steadily build and improve your credit, you must make all repayments on time.  A good broker will tell you missing payments on your own home is high risk.

Can I access lower interest rates with a lifetime mortgage and avoid taking out a secured loan or other loan?

Yes, if you are over 55 years old you should consider lifetime mortgages as everyone can comfortably afford one of these as there are no monthly repayments.

If I owe money to a family member should that feature on my loan applications?

If the lender asks about your other factors they will likely want to know if you owe money to a family member, and this could impact the total amount you can borrow and the risk to the lender.

Does Evolution money have good loan rates?

Yes, Evolution money has a good loan rate but they have their own criteria similar to most lenders.  Sometimes they can give an instant decision in principle and a maximum APR rate.  The more equity you have the better.

How do I change my individual circumstances to prove less risk?

Avoid things like expensive holidays, a new car, gambling, balances on credit cards, or a new kitchen increasing the total amount payable over time.  To find the best second charge loan with less than perfect credit you have to see your circumstances from the loan providers point of view.

What are the key things about a secured loan for bad credit report?

You need to look at the total amount you repay, large amounts of credit broker fees, if you are likely to be accepted and most importantly if you can pay it back.

Why do the total repayments look like such a considerable amount on my no obligation quote?

When applying for a secured financial product the main difference is they accept payments over a longer term, so there is a longer time for interest to be accrued.  A cheaper option is to pay back the loan quicker but most people want longer terms because they want lower repayments.

Will a new loan help improve your credit score?

If your life is made simpler and payments are made just after your payday, securing other debts on your home can affect your credit in a good way. Always pay your direct debit on time.

Could a joint application help me apply for a secured homeowner loan?

Yes, the more income you can show the better.  And with better affordability, the maximum APRC might be lower. Most secured loans and home owner loans should involve all the people named on the property title. An early repament charge could apply and repayment periods can be matched to your existing mortgage term.

Could it be wise to liquidate other assets to avoid a larger loan amount?

Yes, in the long run getting rid of any unproductive assets could help reduce your debts and any credit card balance you may have.  In some cases a loan should be the last resort, the main risk when taking out a loan is the default. Many loan advisors charge brokers fees as 2nd charge mortgage deals can be expensive to setup.

If you are thinking of consolidating existing debts and improving your credit what important information do you need?

Bank statements less than 3 months old, recent credit scores, last 5 years work history, an idea of the equity in your home and an idea of what you can afford to repay and what you could save as a result. Its wise to look at the total cost, representative apr, the remaining term of your existing mortgage and minimum amount of home equity you have.

Getting a secured loan could be cheaper than other types of credit – is this true?

Yes, a secured loan even with a higher rate than your mortgage can save you a lot of money each month, and loans for people with poor credit can still be affordable. Be cautious of lenders with an early repayment charge and additional fees and don’t forget house prices do not always go up.

You should make sure you make your regular repayments as late payments can damage your credit history, you must use your regular income wisely as you have used your home as security.

Does Frequent Finance have a registration number or registered company number?

No, Frequent Finance is not an incorporated entity.