A secured loan is a 2nd, or subsequent charge, designed for homeowners which allows the equity in their property to be used as security. Funds can be used for most purposes and there are NO 'up-front' fees to find. A secured loan can offer an additional solution when considering the most appropriate route ('best advice') for your clients.

Please see our When to consider a Secured Loan sheet.

Processing Procedure and Consumer Credit Act (CCA)

The CCA states that you require a written "invitation to call" if you want to visit an applicant in their home to discuss a secured loan.

Once you confirm that your applicant(s) would like to proceed the following procedure takes place:

DAY ONE - CSL send the applicants documentation including a Borrower Information Guide and "consideration" copies of the proposed Credit Agreement, allowing the applicants to read the documents carefully and consider the terms and conditions of the loan properly.

DAY EIGHT - CSL send out the "signable" copy of the Credit Agreement.

DAY SEVENTEEN - The consideration period ends on either day 17 or the day that CSL receive the signed Credit Agreement (whichever is sooner).

Important note. During the "consideration" period neither the lender, packager nor Introducer is allowed to initiate contact with the applicant.The applicant can however, contact any party if they have any queries about the proposed loan.