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What is a secured loan?

A secured loan, is a loan in which the borrower offers their property as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the desired loan.

  • Secured loans are often called second charge mortgages because they have secondary priority behind your main mortgage.
  • The amount you can borrow, term and interest rate depend on property equity, credit history and personal circumstances.
  • Secured loans are typically repaid over 2 - 25 years and are for sums over £10,000, but such figures are not definitive.
  • Interest rates are likely to be lower than for unsecured loans, but your property is at more of a risk - consider all the options.

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With a choice of over 950 different secured loan deals we guarantee our experts will get you the lowest secured loan rate available.

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Our experts work for you not the lender. Our goal is to ensure you get the best loan offer at the lowest possible rate.

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Our most frequently asked questions answered by our team of secured loan experts.

How do secured loans work?

Secured loans offer you the opportunity to borrow fairly large sums of money over long periods using an asset that you own (usually your home) as collateral.

The name "secured" refers to the fact that a lender will require this asset as security in case you cannot repay the loan. In this event they would sell the asset to recover the money you owe.

A secured loan is called a "charge" against your asset and in the event that a lender repossesses it in order to recover their money, the lender of the 1st charge loan takes higher priority than the lenders for the 2nd and subsequent charges.

Typical uses for secured loans are:

  • Debt consolidation
  • Raising capital for home improvement (also known as home equity or homeowner loans)
  • Second mortgages or second charge mortgages

First charge mortgages (note that these are generally not called "first charge secured loans" but are simply called "first charge mortgages". The term "secured loan" is more widely used simply to refer to second or subsequent charges).

Secured loans are less of a risk for lenders than an unsecured personal loan, as the promise of repayment is secured against the value of your asset. In the event of default on the loan a lender may look to sell the asset to pay off any outstanding balance. As a result, this form of borrowing may be more of a risk to you as, potentially, if you miss repayments, the lender can repossess your asset. If you use your home as security this could potentially be repossessed to meet the balance you cannot repay.

It is therefore possible to borrow larger sums when you use an asset as security. The lenders we work with can lend anywhere between £10,000 and £2,500,000 secured against an asset, generally a property. This will be dependent on the value of your asset, the outstanding mortgage or finance on the asset and your particular circumstances. It is always better for you if you seek independent financial advice before you enter into a secured loan to see if other more suitable options may exist.

What is the best rate I can get?

This would be subject to your individual circumstances. The lender panel which we use typically offer rates between 3.75% and 18.9%.

I have a poor credit rating, can I get a secured loan?

It may be possible to get a secured loan even if you have poor credit. This is subject to individual lender criteria and your personal circumstances. Our advisers can provide you with more information if this is the case.

When you borrow from a lender that takes your asset as security on the repayment of a loan, the risk of lender loss in the event of non-payment is reduced as the sale of this asset will be used to clear the balance should you not be able to repay. As this is the case, second charge lenders can be more lenient in taking poor credit ratings into account when assessing an application for a loan.

You should be aware that the risk of losing your home, if you use this as security, is greater if you miss repayments than would be the case with an unsecured loan. It is always advisable to seek independent financial advice in order to ascertain whether a secured loan is right for you compared to other types of loans.

Will I have to pay valuation fees?

Valuation fees are not charged upfront on secured loans. We will cover the cost of this on your application. There may, however, be a broker fee charged.

All fees and charges that you have to pay to take out this loan will be detailed to you before issue of funds. If you have any questions at any stage of the application we are more than happy to help you understand what fees are charged.

I'm self-employed can I still get a loan?

It is still possible to get a secured loan when you are self-employed. This will be dependent on your personal circumstances and each lenders" criteria.

If you are self-employed further documents regarding your income and company performance will be needed. These may include audited accounts and proof of income received over the past three years. Our team can advise you as to the exact requirements when you call us.

Will getting quote affect my credit rating?

No. The only note on your credit file that will exist when you make an initial enquiry will be a Quotation Search which will only be visible to you and not by other searchers.

When you make a full application then a full search will be undertaken which will show up on your file at that stage. This will be visible to other lenders.

How much paperwork have I got to do?

The amount of paperwork that is required is dependent on the loan amount sought, the Loan to Value amount against your asset, your credit history, the purpose of the loan and your individual circumstances.

In general, we would require you to complete an application form as well as provide us with your permission to search your credit file. We would also require your passport or driver"s license and a recent utility bill for identification purposes. Depending on loan amount sought, a valuation would be needed.

Throughout the application our advisers will keep you informed on the status of your application. Where other documents are required we will let you know so that the process is as smooth and convenient as possible.

How long does it take to transfer the cash into my account?

While this process is a lot shorter than a mortgage or remortgage application, the exact length of time from application to you receiving the funds depends on the amount of the loan required, the loan amount to the asset value, the lender chosen and your individual circumstances.

Once the loan is approved by the lender, they will transfer the money to you typically within 48 hours if telegraphic transfer is the payment method.

What happens if I miss a repayment?

If you miss repayments on a secured loan then potentially, the asset you used as security can be taken to repay any outstanding balance. While this may not happen if you miss a single payment, it may be more likely if you missed a number of consecutive payments.

It is also recorded on your credit file that payments have been missed and a charge may be applied by the lender for each payment missed. You should be aware that the risk of losing your home, if you use this as security, is greater if you miss repayments than would be the case with an unsecured loan. It is always advisable to seek independent financial advice in order to ascertain whether a secured loan is right for you compared to other types of loans

I'm under 21 - can I still get a secured loan?

Yes, but you must be at least over 18.

However, not all lenders on our panel will provide a secured loan to someone under 21. Our advisers can provide you with further information should you require it. Even where a lender will lend to a person under 21, your financial circumstances will be taken into account before any loan application will be successful.

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Why Secured Loans Are A Great Choice For Homeowners

Learn how secured loans can be the perfect choice for you

Main Benefits

Secured loans offer you the opportunity to borrow fairly large sums of money over long periods. Also known as homeowner loans, these are often secured by using one's home as collateral against the debt. There are both advantages and disadvantages to borrowing money this way, so consumers need to be careful about not jumping into a loan without clearly thinking it through.

We can help you obtain a secured loan that can be used in almost any way you see fit. Perhaps you need to make home repairs, or perhaps you are looking to consolidate your existing debt into a single loan.

The flexibility and lower costs offered by this sort of loan is one of the reasons it is so popular among UK consumers.

We source the best rates from the whole market
  • Borrow £10k to £2.5m depending on the equity in your home
  • Flexible repayment terms 2 to 30 years
  • Secured loans can be used for almost any purpose
  • Low interest rates
  • Fast approval - low arrangement fees
  • Options for homeowners with bad credit history

Loan Amounts

A secured loan has a distinct advantage over its unsecured counterpart: you have the opportunity to borrow more. Typical amounts range from £5000-£125,000, depending on the lender. How can they afford to loan so much? By requiring your home as collateral. Lenders are less concerned about default when a home is used as collateral, because it gives them a tangible asset that they can sell in the event the borrower does not repay the loan.

For example, let us assume a consumer took out a £50,000 home improvement loan on a property worth £150,000. Assuming the homeowner had already built £50,000 in equity, the risk to the lender is minimal. In the event of default, the lender could take possession of the home, sell it, pay the balance of the mortgage, and still cover its own debt. Obviously, any loan scenario is subject to the borrower's credit history and ability to repay. A more favourable financial position allows for more favourable loan terms. This includes higher borrowing amounts and lower interest rates.

Other Advantages To Consider

There are a number of other advantages to choosing a secured loan over an unsecured one. At the top of list are the interest rates offered by lenders. For consumers with good credit and a positive repayment outlook, interest rates of 5% or 6% are not uncommon. It is very difficult to get an interest rate that low with an unsecured loan. On the other hand, there are usually closing costs and other fees that can add up. Consumers need to be aware of the fees before taking out a loan.

Fixed monthly payments are another advantage. Consumers who use this sort of financing for homeowner loans find it easier to manage monthly payments by considering them part of the cost of owning a home. This makes budgeting more manageable over the long term. The key, however, is to make sure you obtain monthly payment amounts you can afford. It is possible to lose your property if you cannot afford to keep up the repayments.

Expert Help

Secured Loan Expert is here to answer all of your questions regarding homeowner loans and othr types of secured credit. Click on the links below for more information on the following loan topics:

or call us on: 01707 397463