Call us
01242 697821

Blogs

Keep up to date with the latest news and our guides on all things mortgages. 

Secured loans – Defeat the debts

It’s no secret that the results of the pandemic and the more recent cost of living crisis have left many of us seeking alternative ways to afford the essentials, and for a lot of us that has meant extending overdraft facilities, obtaining credit cards and securing store credit options. But these multiple debts can mount in interest and become difficult to juggle, so what then?

There are many options when it comes to rectifying debts, all best discussed with a qualified adviser, but we’ve focused on secured loans as a means to consolidate your debts here. How could a secured loan work for you?

What is a secured loan?

A secured loan is used to pay off the existing debts and leave you with just the secured loan to repay, meaning all of your individual debt repayments will simplify into one single debt that can make it easier to keep track of debts and its easier to make repayments when managing cashflow.

What are the benefits of this form of debt consolidation?

  • Debt consolidation may also allow you to take advantage of lower interest rates, by switching higher interest loans into one lower rate loan.
  • If you find organising and remembering to make multiple payments confusing, this can help streamline the process, as you’ll only have one payment to manage.
  • Having an easily-manageable payment can help you safeguard your credit score, as you may minimise your chances of missing a repayment.
  • Having a single payment can help you budget, as you’ll know exactly how much you’re paying back every month.
  • A home owner loan (also known as a secured loan) is borrowed against your home, so you may still be able to borrow if your credit rating isn’t perfect.
  • Can help you improve credit scores by maintaining regular payments.
  • Home owner loans can last for ten years or longer. A long repayment period allows you to spread out the monthly payments.

As always, we suggest speaking to a qualified adviser to discuss whether a secured loan would be suitable for your needs, we can look towards other suitable options too and work together to help you and your finances.

SPEAK TO AN ADVISER

Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Related

Energy bills - what to do if you’re struggling

Energy bills - what to do if you’re struggling

Despite the Prime Minister's recent announcement that energy bills will be capped at £2,500 annu...

Read More >
How can I save money with my health?

How can I save money with my health?

Are you looking for some extra support with your health? There are options to help you save money wi...

Read More >
The value of advice in the current mortgage climate

The value of advice in the current mortgage climate

The Bank of England Base Rate has been in the news several times in as many months, and with it has ...

Read More >
I’m renting - is insurance important?

I’m renting - is insurance important?

If you are asking yourself if you need insurance while renting. The answer is yes! Think about every...

Read More >
A glimmer of hope for prospective homebuyers

A glimmer of hope for prospective homebuyers

The headlines this year have been dominated by rising mortgage rates, which has made it quite overwh...

Read More >
First-Time Buyers: Frequently Asked Questions

First-Time Buyers: Frequently Asked Questions

Do you know the difference between a fixed and a variable mortgage? Have you heard of 'loan to v...

Read More >

What our clients say...

Latest Blog

How can a critical illness insurance policy help

Did you know that critical illness insurance can provide an extra security net? Waiting times for el...
Read More

Avoid NHS waiting times with private medical insurance

Did you know private health insurance can provide an essential safety net? You’ll be able to access...
Read More

Using Equity Release for Home Improvements or Care Needs

As you approach the ‘Golden Years’, are you considering whether to stay at home or move into care?...
Read More

Insuring a Heritage Property? What You Need to Know

There is a lot of love for those beautiful older houses, from the Tudor era to the popular Edwardian...
Read More

Remortgaging This Year? Fixed vs Variable Rates

Do you hold one of the fixed rate COVID-era mortgages coming to an end this year? Unfortunately, the...
Read More

How to restart your budget ahead of summer!

With the sun on our faces and the right approach to your end-of-summer spending, you can achieve you...
Read More

How to stay active through summer! (and how health insurance can help)

With the warmer weather approaching, it’s a great time to get active without hitting the gym! We’v...
Read More

What protection do you need in place to have a worry-free summer?

Summer’s here—time for garden BBQs, beach escapes, and maybe even a cheeky weekend away. But while...
Read More

Avoid these mistakes when buying insurance

General insurance—whether it’s for your car, home, travel, or health—is a crucial financial safet...
Read More

How to use equity release for a new garden renovation or a dream holiday

Using equity release to fund a garden renovation or a dream holiday can be a smart move if done wise...
Read More


Fairview Financial Ltd is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Fairview Financial Ltd is registered in England and Wales no: 10912424. Registered office: 107 Promenade, Cheltenham, GL50 1NW.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

@ 2020 by Fairview Financial

Our Fees        

A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.

Our standard fee for mortgages is £395 and this is paid when the mortgage is offered. We charge a fee of £295 First-Time Buyers. Other fees may apply depending on the complexity of the work involved or loan amount. The maximum fee we can charge is £795.

Our standard fee for Equity Release is £895 and this is paid on completion.

We also receive a commission from the lender that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. If we receive a commission, this will not affect the cost payable by you.

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.

YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED ON IT.

BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

EQUITY RELEASE: THIS IS A LIFETIME MORTGAGE. TO UNDERSTAND THE FEATURES AND RISKS, PLEASE ASK FOR A PERSONALISED ILLUSTRATION. CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.


  • Back to top