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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.
Gateway2Finance is licensed under the Consumer Credit Act 1974 (No 627038) to carry on the business of consumer credit,
consumer brokerage, debt adjusting and debt counselling.
A secured loan, sometimes known as a homeowner loan allows you to borrow a lump sum of money which is secured against a property as a guarantee. The property is secured by the loan lender by way of a 'second charge', which ranks behind your main mortgage (which is held on a 'first charge' basis).
This is a legal arrangement and is registered with the land registry.
You will need to meet regular monthly repayments throughout the term of the loan, which can generally be between 5 and 25 years.
As the name suggests, a homeowner loan is specially for people who either own a property or are mortgage payers with equity to use as security and want to borrow larger amounts of money, usually over £25,000 up to £100,000.