Rates available from 8.5% APR

Background (Pre May 2008)

Prior to May 2008, only secured loans under £25,000 were regulated by the Consumer Credit Act 1974 (CCA).

This means that secured loans were traditionally associated with:

• Lump sum PPI sales
• High loan to value, high risk loans (including self-cert and adverse credit loans)
• No restriction on ERC's - typically these were 6 month's interest
• Industry monopolised by "master-brokers" (e.g. Ocean, Norton, Freedom etc)

The Secured Loan Market today (post May 2008)

• All secured loans now regulated by CCA 1974 
• Greater borrower protection
• ERC now maximum of 1 month's notice and 1 month's interest
• Fewer lenders (Future, First Plus, Swift, SPPL all gone)
• Sale of single premium PPI out-lawed
• Introduction of 14 day consideration period
• No upfront client fees (fees cannot be charged until completion).

Do you have the following circumstances when a Secured Loan could be best advice for your client?
 

• A client has a fantastic 1st charge residential mortgage with either a great payment rate or great “go to” rate or is unable to access any further borrowing from their existing lender and remortgaging just isn’t beneficial for them.
   
• A client who wants to benefit from a low Early Repayment Period charge of only one months interest that secured loans offer, allowing them to make lump sum payments with minimal charges.

•  A client who needs a quicker route to funds then conventional remortgages.

• A client that wishes to borrow from a minimum of £5,000 to £250,000

• A client who doesn’t wish to have any costs incurred until their loan completes. We do not charge the client any fees before completion  (including valuation fee).

SLS have access to a market wide panel of second charge lenders and our financials mean that unlike much of our competition; you get to retain 100% of the broker fee!

To discuss a new enquiry, please call our sales team today on  01702 226718