Secured loans in Scotland

While many secured loan lenders are keen to lend in England and wales, many have taken the view that they are less keen to venture north of the border. As a result the secured loan market in Scotland is more limited, however, at Choice Loans we do have several options, even for those who have adverse credit. For those with good credit there are many options. Lenders like Nemo, Shawbrook, Central Trust and Blemain all compete to offer second charge loans of up to £125,000 at rates from 6.9% and LTVs of up to 85%. Indeed many of these Lenders will also accept some credit imperfections ranging from allowing a few late payments to even allowing some CCJs but the general credit and income picture will need to be one that is better than average to qualify. In terms of locations it's not just in the major cities from where applications are accepted but loans can be completed from all remote corners across the country. If income is a problem such that it either can't be proved or it is 'projected' (such as when setting up a new business) then there are also so-called "non-status" secured loans available in Scotland too as long as there is sufficient equity in the property. We have access to one Lender who will lend up to £30,000 (gross loan) to a maximum of 65% LTV pretty much regardless of credit history and even if income is not provable or projected. At an APR of 19.8% it's not a bad rate for the circumstances at all. Lastly if a Scottish borrower finds they have insufficient equity to go to the above-mentioned Lenders there is still an option. We have access to one lender who will:

• lend amounts from £1,500 to £7.500
• lend up to 125% LTV
• arrange loan terms from 2- 5 years
• allow some adverse credit (max 1 missed mortgage and/or secured loan payment in the last 4 months of no more than £2,000)
• also look at a third charge loan

Rates for this product are variable depending on the applicant's circumstances but are generally 3.5-5% per month which, while they may not be the cheapest, are reflective of the high LTVs available and will suit some borrowers in certain circumstances. So the bottom line is that the secured loan market in Scotland is very active and has a range of options for all borrowers, even those with some adverse credit. To find out more or to speak to a Secured loan broker please either call us on 0845 1260350 or fill in our Secured Loan enquiry form here.