New Large loans secured loan product up to £500,000 available

Not for the first time this year we find ourselves writing about yet another innovation in the secured loan market. Rates are falling, criteria are easing and, as this blog will testify to, loan sizes are rising as this market becomes increasingly competitive. A new 'Large loan' product has been launched by a secured loan lender that will allow applicants to borrow between £100,000 and £500,000 at very competitive rates. The details of this new loan are:

• MIn loan is £100,000; max loan is £500,000
• Max LTV is 65%
• The rate is 7.5%
• Minimum property value is £350,000
• A minimum credit score of 400 (Equifax) is required
• In addition the client must have no mortgage arrears in the last 2 years and no CCJs/Defaults in the last 3 years but one unsecured unit is allowed in the last 12 months
• Loan terms are from 3 to 25 years
• The applicant's mortgage must have been running for at least 6 months

This new Large Loan product does definitely bring something new to the market. Secured loans wee available in the past up to £500,000 but there was only one provider and their rates reflected their monopoly in this end of the market so this product at just 7.5% is very welcome. With many people on Tracker mortgages that they don't wish to refinance but who still need extra capital to do home improvements, consolidate debt or buy a second property, this new loan product will be ideal. To find out more or to apply for this Large Loan secured loan please call and speak to one of our representatives on 0845 1260350 or complete our secured loan enquiry form here and we will call you.