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Stuart Brown Mortgage & Insurance Broker

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Mortgage Loan Types

There are different mortgage loan types available to you, including secured and unsecured loans. At Stuart Brown Mortgage Services, we can ensure that you find the right loan to fit your needs.

Unsecured

An unsecured mortgage loan is exactly as it sounds, not secured against property or anything else. It is this type of loan that is most commonly used to buy a car, consolidate existing credit, pay for a dream holiday or anything else you want! Our mortgage brokers can provide you with unsecured loan advice so you are aware of how this will work.

The Term available is usually from 1 to 7 years.

Cost per month is dependent upon APR which in turn is subject to status, loan amount and term.

Secured

This type of loan is often available from £10000 upwards and is secured against property. Again, the APR available will be dependent upon the status of the applicant and several other factors.

A secured mortgage loan is usually over a much longer period i.e. similar to a typical mortgage term. As a result, the payments can be lower than they would be under an unsecured loan but much more interest will be payable overall due to the longer term. We can provide you with secured loans advice so you understand how it works.

Secured loans also tend to be offered at higher rates than a traditional mortgage, are not so readily available and just like a traditional mortgage are secured against your home. Your home is therefore at risk if the loan is not maintained satisfactorily.

Each of these types of finance do serve a distinct purpose, like other types of credit you should carefully consider affordability and your circumstances (both now and in the future) before committing yourself.

Further details of second charge mortgage loans and their typical purpose are covered in the next page

Please call us so that we can talk you through the mortgage loan types on either, Herts: 01442 252 040 or Beds & Bucks: 01525 877 650 or Mobile: 07710 770 969. You can also email us at advice@sbms-online.co.uk

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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