Nationwide Secured Loans
Nationwide Secured Loans
About Nationwide Secured Loans
If you’re a homeowner, you might be able to take out additional finance against your home. This involves taking out a second mortgage alongside your existing nationwide mortgage, and is also known as a ‘further advance’. Nationwide customers often take out a secured loan to make improvements to their homes, build an extension, buy an additional share in shared ownership property and even to buy land.
How it works
In order to borrow additional finance against your home, you’ll need to get a decision in principle and apply for a new mortgage deal. Depending on your needs a valuation may be needed and coveyancing services may be necessary in some cases.
As you’ll have a separate mortgage account to your existing mortgage account, you’ll need to make separate monthly payments against your additional borrowing, as well as the monthly payments you are already currently making.
The length of your secured loan cannot extend beyond the term of your current mortgage, although it could be shorter. It is possible that you might be able to extend your original mortgage to allow for a longer borrowing term.
Before taking out a Nationwide secured loan
Taking out a secured loan is a big decision, and as a result you should weigh up any alternatives that may be better for your personal situation. Failure to meet repayments can result in your property being repossessed; which is why we urge you to speak with a mortgage broker before you commit to a secured loan, who can analyse your situation and give you unbiased advice and guidance to ensure you make the best decision for your future. Additionally, a mortgage broker can help you compare leading rates, and help find a loan that has realistic repayment terms for you.
If you would like to find out more about a Nationwide secured loan, or would like any assistance or advice as to whether a secured loan is the right decision for you we have partnered with Fluent money the largest independent UK secured loan brokerage.
Click here for the best UK secured loan deals from £3,000.
About Nationwide
Nationwide is the largest building society in the world, dating back to the founding of the Provident Union Building Society in 1846. Nationwide now provide a wide range of mortgages to suit different borrowers.