Mortgages and Loans
What is this?
Mortgages are loans that are secured on property. Loans may also be secured and are sometimes referred to as 'second' (or third or more) charges OR they may be unsecured. Unsecured loans are usually at a higher interest rate than mortgages or secured loans because the lender has more risk.
Who is it for?
Mortgages are only available to those who are buying a property or who already own one. Secured loans are normally only available to homeowners with an existing mortgage (or first charge). Unsecured loans are available for everyone provided they meet the lenders' risk profile.
Who is it not for?
Mortgages and loans are not normally available to people without an income. Mortgages are also not available if the applicant is not a property owner or is not seeking to become one.
