New Fixed Rate Secured Loan Announced

A new fixed rate secured loan product has been launched by Link Loans, a lendor specialising in second charge loans.

Fixed rate secured loans are now available for both employed and self employed people from Essex based Link Loans.

Available for a three year fixed rate period, with rates starting at 13.4% the lender will loan up to 75% of the value of borrowers property, however a £975 arrangement fee will be payable once the loan has been agreed.

The fixed rate secured loan from Link Loans can be used for a wide variety of purposes such as home improvements, paying school and or university fees, debt consolidation, cosmetic surgery or purchasing a new car.

Secured loans, often called second charge loans, are based on the equity available in the borrowers property after the mortgage (first charge) borrowings. As such there is a risk that a lender may repossess a property if the borrowers falls behind with monthly loan repayments.

This is the latest loans product to be launched recently and follows on the news from Nemo Loans who have started to offer second charge loans with up to 85% LTVs.