Secured Loan
Debt consolidation
In January 2007, Mrs Jones had fallen into 5 months mortgage arrears. Her high street lender issued a repossession order, with 21 days notice.
Given the timescale and Mrs Jones’s favourable mortgage rate, the best option was to apply for a secured loan. Within 10 days, Mrs Jones was offered £10k, allowing her to repay the arrears and postpone the repossession order.
This allowed her to continue with the original high street mortgage rate. And with a redemption penalty of just one month on the secured loan, she was able to remortgage after 12 months and repay the loan in full.
Home improvements
In December 2006, Mr Williams needed £25k for home improvements - but with a limited income, he couldn’t secure extra finance from his mortgage lender. He was also unable to move his mortgage, as he was tied in for the next 12 months.
Mr Williams asked Savannah for guidance. Together we applied for a Secured Loan of £25k, which was granted and issued within 14 days.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Secured loans are not regulated by the Financial Services Authority. Savannah Financial Services is an Appointed Representative of Thinc Assured Network Ltd, which is authorised and regulated by the Financial Services Authority. There may be a fee for mortgage advice. The precise amount will depend on your circumstances, although the maximum fee will not exceed 1.5% of the loan amount.
This site is intended for UK consumers only.
