Shawbrook is one of comparatively few established lenders to offer an extensive range of short-term products, alongside its primary portfolio. Short-term property finance in particular is a specialty at Shawbrook, which can be used for property investments and renovation projects alike. A variety of unsecured personal loans are also available for everyday borrowers, along with the usual array of long-term mortgage products. In all instances, Shawbrook has earned a glowing reputation for its no-nonsense approach and consistently competitive borrowing costs.
Secured Loan FAQ
If you’re looking to apply for an affordable secured loan for any purpose, we can help. We scour the UK market in its entirety, linking our customers with the very best deals from an extensive network of major and independent lenders alike.
Should you have any questions to ask regarding secured loans, you may find the answers you need detailed below:
What Is A Secured Loan?
Secured loans are financial products for which collateral is provided to cover the cost of the loan. In most instances, lenders require that the borrower uses their home or other property as collateral, though some are happy to accept a much wider variety of valuable goods.
Am I Eligible?
Just as long as you own a property of sufficient value to cover the loan, you’re almost guaranteed to qualify for this kind of funding.
How Long Does It Take?
It depends on the type of loan you require, the value of the loan and your personal circumstances. In some instances however, personal loan applications can be processed and completed in a matter of days.
Is Early Repayment Possible?
It’s up to the lender to determine whether early repayment is an option. In most cases, you’ll be able to repay the loan early if you choose to do so, subject to an early repayment fee. Nevertheless, repaying a secured loan early typically means making big savings on outstanding interest payments.
What Can The Loan Be Used For?
Unlike personal loans, secured loans can be used for absolutely any legal purpose. From investing in your business to taking a well-deserved holiday, it’s entirely up to you.
How Long Will The Loan Last?
While it’s possible to spread secured loan repayments over a period of seven years, some loans are repaid in a matter of months. Again, it all depends on what works best for you at the time and the type of loan you need.
Will My Loan Affect My Credit Score?
Most secured loans are provided without the applicant’s credit report being taken into account. Hence, a secured loan is unlikely to have any impact on your credit report, just as long as you meet the agreed repayment terms.
What Are Variable Rates?
A variable rate of interest means that the interest rate attached to the loan can change over time. By contrast, fixed rate loans remain the same for the duration of the loan.
When Will I Receive A Decision?
Depending on the type of loan you apply for, you could receive a decision the same day you submit your application.
For more information on secured loans or for help with your application, contact a member of the team at UK Property Finance today.