Secured Loans
£10k to £500k
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- We’ll get you the best rates
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What is a secured loan?
A secured loan (also known as a homeowner loan) is a form of borrowing that uses your property as security. This can make it easier to get approved - even with a poor credit history.
As a homeowner, you may be able to borrow more, and at better rates, than with an unsecured loan.
What can I use this loan for?
1
Debt consolidation
Combine your debts into one monthly payment
2
Home improvements
Renovate or improve your home
3
Large purchases
Cover one-off expenses, like a wedding
Here’s a real customer’s story:
We helped the Smiths cut their monthly costs by £712
by swapping their expensive credit cards, loans, and overdrafts for a secured loan.
Old monthly payments
£976
New monthly payment
£264
Remember if you repay existing loans with a new loan, you may be extending the term and increasing the amount you repay in total.
Loans are secured against your home so it may be at risk if you fall behind with repayments.
SECURED LOANS
Try our loans calculator
to see your monthly payments
Please note this calculator is a guide only. We will search both personal and secured loans. The actual rate offered will be based on your individual circumstances.
Representative Example: If you borrow £19,000 over 7 years, initially on a fixed rate for 5 years at 5.80% and for the remaining 2 years on the Lender's standard variable rate of 8.55%, you would make 60 monthly payments of £317.47 and 24 monthly payments of £326.43. The total amount of credit is £21,875 (this includes a Lender Fee of £595 and a Broker Fee of £2,280). The total repayable would be £26,977 (this includes a Lender Exit Fee of £95). The overall cost for comparison is 11.0% APRC representative. This means 51% or more of customers receive this rate or better.
How do I get a secured loan?
1
Complete our online form
2
We'll check your eligibility and rate
3
One of our friendly advisers will call to discuss your loan
4
You'll finalise your application and receive your funds
Why choose a secured loan?
Borrow more, at lower rates
Using your home as security can help you borrow more, with more competitive interest rates.
More time to repay
You can spread your repayments over 3 to 30 years with lower monthly repayments.
Good credit isn’t essential
Your home provides security to the lender, so you’re more likely to be approved.
We’re a broker, not a lender, and arrange secured loans from a panel of lenders. We receive a commission upon completion. Fees may apply depending on your chosen product. The rate and any fees depend on your circumstances and will be confirmed before you proceed.
How do secured loans work?
- You borrow a lump sum against your home
- Repay it monthly with interest over an agreed number of years
- Your repayments will be separate to your mortgage
It’s important that you always pay on time and only borrow what you need.
Our trusted lenders
We work with a wide panel of lenders, comparing 100s of loans, so you don't have to.
Can I get a secured loan with bad credit?
Yes, you can still be approved for a secured loan, even if you have bad credit - so don't rule yourself out before you apply.
We work with a wide panel of lenders, meaning you're more likely to find a deal you'll be accepted for.
Making your new monthly payments on time can also help rebuild your credit rating.
Will I be accepted?
You’re more likely to be accepted if you:
- Have a stable income
- Have more equity in your home
- Can comfortably afford repayments
This isn’t a guarantee, but it’s a good guide.
Secured vs.
Unsecured loans
| Secured loans | Unsecured loans | |
|---|---|---|
| Loan amount | £10k-£500k | £1k-£15k |
| Repayment period | 3y-30y | 1y-5y |
| Monthly repayments | Lower | Higher |
| Interest rates | Lower | Higher |
| Approval criteria | Property equity | Credit history |
| Must have a mortgage | Yes | No |
It’s all about you.
Let's make
it a yes
Got questions?
There’s no specific credit score required for a secured loan. With the loan secured against your home, you are more likely to be accepted despite having a lower credit score.
However, having a higher credit score does further increase your chances of being accepted and receiving better interest rates.
If you pay back your secured loan on time each month, your credit score can gradually improve. Remember, if you miss loan payments, your score will drop.
When you apply for a secured loan, you’ll normally need to provide:
- your application form
- proof of homeownership
- proof of address for the previous three years
- proof of income and outgoings (e.g., bank statements)
Yes, you should be able to pay off a secured loan early, but look out for early repayment charges. The amount you're charged depends on the type of loan you have, how much you have left to pay, and the lender's policy.
Weigh up the amount you'll have to pay in early repayment charges with the amount you'd save in interest by paying off your loan.
Both options let you borrow against your home's equity, but the right choice depends on your circumstances. Remortgaging may offer lower rates, but you'll replace your existing mortgage—which might not make sense if you're on a competitive rate or would face early repayment charges.
A secured loan (or second charge mortgage) keeps your current mortgage intact while adding a separate loan, which can be beneficial if you want to preserve a good mortgage deal.
Consider your current mortgage terms, the amount you need to borrow, and your financial situation.
If you sell your home with a secured loan on it, there may be a couple of options available to you:
- Repay the loan early using the proceeds of the house sale. However, this could mean paying Early Repayment Charges.
- Alternatively, you might be able to transfer the loan to your new property.
Each lender will have their own policies referenced in their terms.
Last updated
Reviewed by: Matt Waller
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