Echo Finance

Second Charge or homeowner loans can offer the opportunity to borrow money for customers who have experienced money issues in the past and that may have damaged their credit history as a result. A secured homeowner loan can be your best deal as you are more likely to be accepted for a secured loan than a personal loan.

What is a Second Charge loan?

With a second charge loan, collateral, such as your home, is used as security for the repayments. If a second charge loan is not repaid, the lender has the legal power to take what is owed from the property on which the borrowing was secured or even repossess the home.

 

Second charge loans are usually higher amounts, so are often used to consolidate existing debt, make a large purchase (e.g. a car) or fund a large project (e.g. home improvements). This investment in the property will hopefully increase its value when the time comes to sell.

Lenders look far more favourably on potential borrowers with a poor credit rating if they are prepared to secure the borrowing against their home. This gives lenders the security that they will definitely be repaid, either from a monthly repayment or by repossession of the house.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.
Echo Finance

Registered in England and Wales No. 6939070. Registered office - The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE. Echo Finance Limited is authorised and regulated by the Financial Conduct Authority. Echo Finance Limited is entered on the FCA register (www.fca.org.uk) under reference 570073. The Guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. The Financial Conduct Authority does not regulate Will Writing, Estate Planning and some forms of Mortgages. © Copyright Echo Finance Limited. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.

Echo Finance Limited

The 1812 Building, Wheatley Park, Mirfield, West Yorkshire, WF14 8HE

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