Secured Loans Northern Ireland
Specialist lenders in this province
If you want a Secured Loan in Northern Ireland please fill in this form
After a lull in activity for several years after the property collapse, there are now several lenders wiling to offer Secured Loans in Northern Ireland. At Choice Loans we have access to them all and can assist you in choosing the best option for you.
Why choose a Secured Loan in Northern Ireland
- Up to £50,000 available as a secured loan at up to 75% LTV (min loan £5,000)
- Rates from 8.4% (varies with credit history and LTV)
- Third Charge Loans are also available up to £10,000
- Unsecured loans of up to £25,000 also available subject to credit/income
Frequently Asked Questions
What does a Secured Loan cost?
The rate of the loan will depend on your circumstances (loan size, LTV, income and credit score). A broker fee is also charged to cover valuation and legal expenses and it is usually 7-10% of the loan (lower for larger loans). This fee is usually added to the loan so not payable up front
Will I be required to put a charge on my property?
In almost all cases yes (the exception is some smaller loans of less than £10,000)
Can I use a Secured Loan to consolidate other debts?
Yes. This is one of the best uses of a Secured Loan. You can pay off credit card and other expensive debts and consolidate into one monthly payment at a lower rate
If I have bad credit, can I still get a Secured Loans?
Yes, you can as long as you have sufficient equity in your property and sufficient income to make the repayments. Taking a Secured Loan and maintaining repayments can help improve your credit score.
Can I repay early?
Yes. Most lenders allow you repay early by giving one month’s notice and paying one month’s payment as a penalty
Is a Secured Loan cheaper than a mortgage?
This depends on your circumstances. A mortgage or re-mortgage may be the better option for you but a qualified mortgage adviser can advise you better on this.
Will the interest rate be fixed?
Typically it will be variable, but you can get options to fix for 3 or 5 years.
If I default on the loan, might I lose my house?
Yes, this is possible. We recommend you think very carefully before securing any debt on your property.
I have a Buy To Let property, can I still get a Secured Loan on that?
Yes. There are several lenders who will so a second charge secured loan on a BTL property.
In terms of eligibility criteria the following applies
- Employed and Self Employed applicants eligible
- Income can be proved via payslips or bank statements
- Min age 21; max age 80
- **Any Adverse credit over 2 years old ignored**
- Some mortgage arrears accepted but they must be cleared with the loan
- Some unsecured credit arrears accepted
Our advisers will talk to you in detail about your circumstances before researching the options you have and will then present you with the best rate available without obligation or cost. Should you wish to then proceed they will guide you through the process, assist you with the paperwork and advise you every step of the way right up until you have the funds paid to you. This ensures the process is manageable and transparent the entire way through.
A secured loan can be a great way to raise either large amounts of finance or to get a loan when your credit is less than perfect. Also by spreading the payments out over a longer term it means you can reduce the strain on your monthly cash-flow.
From application to payout usually takes 3-4 weeks though some smaller loans can be processed much quicker.
If you have any queries, please call us on 01494 410 125
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.
What is needed to apply
Applying for a Secured Loan is very easy. Below are listed the things you need in order to apply.
- Eligibility CriteriaYou must be a home owner and be earning sufficient income to afford the loan. How much you can get and at what rate then depends on your credit score.
- Documents RequiredInitially it is just an online application form but once we know the specific lender best suited to you, you will need to complete their application form and show proof of ID and income.
- Additional CommentsThe process take 2-3 weeks but you will be guided through it by an expert from start to finish.
By cutting out the middleman, these types of peer-to-peer business loans can often be achieved at a cheaper rate. To qualify for crowdfunding, your business must be profitable and prove you are able to make repayments.
Crowdfunders look at historical data and won't lend against projections.
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01494 410 125
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