What is a secured or homeowner loan?

This type of loan is designed specifically for those who own their own home and are still paying a mortgage on that property.

If a loan is given it would mean that Discovery-Finance would have an interest in your home, just like a mortgage company would.

Homeowner or secured loans typically allow you to borrow more affordably over a longer period of time than an unsecured loan.

Can a secure loan reduce my existing debt.

Many people have found that by consolidating multiple debts into one monthly payment they have regained control of their finance and can then relax, having significantly reduced their amount of credit.

Credit cards and other forms of unsecured lending usually have higher interest rates than a secured loan. You must remember that by borrowing over a longer period will mean that the overall amount of interest you repay will be greater.

Our current typical rate for a secured loan range from 7.9% APR variable.

What can I use the loan for?

Secured loans can be used for any purpose and many people chose to consolidate their exisiting debts as well as the nicer things in life like, home improvements, taking a well deserved holiday, a new car, a wedding or possibly even to help out family or friends in times of need.

Would a variable interest rate affect my loan?

In short yes, this is because the amount of money to be reapid by you will be affected by changes in the rate of lending.

This is the same as with a variable rate mortgage. If you have any concerns about a variable rate secured laon then you can discuss these with one of our advisors.

Can I repay the loan early?

Of course you can, however there may well be early repayment fees to pay if you do.

The exact amount will be worked out for you in what is called a settlement figure and will be in accordance with the terms and conditions f your loan.

The terms and conditions of any loan secured on your property will be explained to you clearly and in depth by one of our expert advisors.

What would happen if I struggle with the payments?

As soon as you feel there may be a problem or if your personal circumstances change then you must inform us a soon as possible so we can take steps to help.

All situations are dealt with on a sympathetic and individual basis enabling us to work towards a mutually satisfactory conclusion.

How much can I borrow?

The amount you can borrow depends upon many factors but once you have decided to enquire about your laon and we have taken some basic details then we can usually give you an estimate within a few minutes.

Most secured loans are at least £10,000 or more with a typical APR of 7.9% variable.

Who will deal with my application?

Your details will be dealt with by one of our highly trained and experienced advisors.

Once we have taken your enquiry we will then put you in touch with a specialist lender who will carefully guide you through your options with precise and clear information.

Would I have to pay any fees?

Discover-Loans.co.uk do not charge you any fees whatsoever for their services.

Fees may be applied depending on who the lender is, but, if there are any fees to be paid then these will be discussed openly with you before any decisions are made so that you understand exactly what they.

What if I move house later?

In many cases your secured loan will move with you to your new property.

If you are thinking of moving then you must contact your lender first so that they may review the situation first and make a responsible decision based upon your new circumstances.

What If I don’t own my own home?

Secured loans are only available for those who own their own home and are still paying a mortgage on that property.

If this is not you then perhaps you could consider one of our personal loans instead.