A secured loan is a type of borrowing in which the borrower provides collateral, typically in the form of a valuable asset such as a property or a vehicle, to secure the loan. The collateral acts as a guarantee to the lender that the loan will be repaid.
If the borrower fails to make payments as agreed, the lender has the legal right to take ownership of the collateral to recover the outstanding debt.
To obtain a secured loan, the borrower must offer a valuable asset as collateral. Common types include a home (in the case of a "homeowner loan" or "second mortgage"), a car (in the case of a "logbook loan"), or other valuable assest.
The amount you can borrow through a secured loan is typically determined by the value of the collateral. Lenders will assess the value of the collateral and offer a loan amount based on a percentage of that value.
Secured loans often feature lower interest rates, thanks to reduced lender risk through collateral, benefiting borrowers and offering more security for the lenders.
Secured loans can have longer repayment terms, sometimes spanning several years, making them suitable for larger expenses like home renovations, debt consolidation, or significant purchases.
It's essential to understand that if you fail to make your loan payments as agreed, you could lose ownership of the collateral. The lender may repossess and sell the asset to recover the debt.
Secured loans are commonly used for various purposes, including consolidating debts, financing home improvements, or covering major expenses.
Borrowers need to carefully consider their ability to meet the loan terms and understand the potential risk to their collateral when taking out a secured loan.
Ogbonge AfricanMama2023-10-11I reached out to Chris on facebook after i stumbled on one of his reels, i wasn't expecting anything positive from Facebook as i had been previously turned down by two major Mortgage Advisers. Natalie and Shirley took up my case and in a short while got me a high street lender despite the price of the property been raised by 20%. They carried me along all through the process and i was never left in the dark. I am a single parent , first time buyer and first time landlord. They also helped me get the right Legal Advisers and Insurance. I highly recommend their services. Thank you Natalie and Shirley. BR Gina
Chris Days2023-10-03Amazing service
Graham Nicholls2023-09-18Rhiannon supported us throughout the mortgage application process. Very friendly, supportive, and knowledgeable. Highly recommended.
Calum Hayward2023-09-07Absolutely brilliant service! I cannot fault Chris, Natalie and Shirley. They got us our dream home and supported us through the entire journey! Thank you!
Meg Talbot2023-08-11We always thought buying our first house would be stressful, when we found this company through a few Facebook videos we thought we would enquire. Rhiannon got in touch with us and she talked us through the whole process and sorted so much for us! I would not recommend anyone else she has been amazing and we can’t thank her enough.
benjamin lee2023-07-25After seeing Chris days facebook reels I got in touch with gomortgage and was contacted by Laura who took some details of what I was wanting .Laura provided an outstanding service and nothing was to much even down to final details she explained everything and chased up the lender looking forward to doing buisness again in the near future. 5 star service would not hesitate to pass details on to any family friends etc
Meritxell Humbert2023-06-30Very professional service, from the early beginning until the purchase is completed. Valuable and frequent updates to keep me up to date on the purchase process. Would recommend 100%
Russ Bury2023-06-02Chris and Shirley made getting my first mortgage so easy and quick. A very professional, friendly and personal approach. I would recommend them and Go Mortgage to anybody. Easily 5 star service. Thank you. Russ
Anita Winters2023-05-31Chris and Shirley have been so good in helping us secure a mortgage and guide us through to completion. Always ready to answer any questions we had and very responsive in correspondence. Would highly recommend.
Numan Ashequl2023-05-17We have been very stressed about our housing situation. We came across Laura Thompson. She went above and beyond to support our requirements providing an informative but tailored service for me and my family. We were able to contact her almost any time and she was delightful to talk to. We really appreciate all she has done. Really a great service from Laura outstanding professionalism. Thank you so much to go mortgage and to LauraThompson!!
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Your home may be repossessed if you do not keep up repayments on your mortgage.
