Blemain Finance have been in the business of providing both residential and semi-commercial secured loans for many years, and have always been aware that for some clients a secured loan can have distinct advantages when compared to a re-mortgage. It will become increasingly necessary for all brokers and IFAs to understand the benefits a secured loan can offer.
The distinct advantages of secured loans when compared to a re-mortgage are:
Quicker
- CCA regulated secured loans can be typically completed within 17 to 30 days from the initial application rather than the 8 to 12 weeks required for a re-mortgage. Secured loans for business purposes can be completed in as little as 24 hours from enquiry to release of funds.Cheaper
- The total amount the client repays over the term can be less. Interest is only charged on the additional amount compared to a new interest rate being applied to the whole balance of a re-mortgage. If the re-mortgage is for a client whose credit-rating has declined then the whole balance of the re-mortgage is likely to be at a higher rate, or a product may not even be available.Simpler to Accept
- A secured loan application typically involves a 1 or 2 page application form and an instant “in principle” decision, with completion typically occurring within 24/48 hours of the lender receiving all of the correct documentation. The typical mortgage application can be up to 20 pages and can take considerably longer to process.Our specialist secured loan team will be happy to help you with any queries you may have.
Call 0844 873 4120 or click here to contact us.