Secured Loans
£10k to £500k
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What is a secured loan?
A secured loan — sometimes called a homeowner loan — lets you borrow a lump sum using your home as security.
This means you could access larger amounts at lower rates than an unsecured loan, and it can be easier to get approved even if your credit history isn't perfect.
You repay it monthly with interest over an agreed term, separate to your mortgage. It's important to only borrow what you can comfortably afford to repay.
What can I use this loan for?
Debt consolidation
Combine your debts into one monthly payment
Home improvements
Renovate or improve your home
Large purchases
Cover one-off expenses, like a wedding
SECURED LOANS
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to see your monthly payments
You need to be a homeowner, as the loan is secured against your home.
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 £34,000 over 10 years, initially on a fixed rate for 5 years at 5.89% and for the remaining 5 years on the Lender's standard variable rate of 10%, you would make 60 monthly payments of £428.34 and 60 monthly payments of £472.06. The total amount of credit is £38,775 (this includes a Lender Fee of £695 and a Broker Fee of £4,080). The total repayable would be £54,029.30. The overall cost for comparison is 10.2% APRC representative. This means 51% or more of customers receive this rate or better.
Why choose a secured loan?
Borrow more, at lower rates
More time to repay
Good credit isn’t essential
Loans are secured against your home so it may be at risk if you fall behind with repayments. 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.
Types of secured loan
Secured loans can come in a few different forms — here's a quick guide to help you find the right one for your circumstances.
- Homeowner loan: Borrow larger amounts than you typically could with an unsecured loan – because your home acts as security, lenders can offer you more.
- Joint secured loan: Apply with a partner or family member. Combining incomes can improve your chances of approval and help you access a better rate.
- Debt consolidation loan: Roll multiple debts into one monthly repayment, often at a lower interest rate — making your finances simpler and easier to manage.
How do I get a secured loan?
Complete our online form
We'll check your eligibility and rate
One of our friendly advisers will call to discuss your loan
You'll finalise your application and receive your funds
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.
*Customer names have been changed to protect their confidentiality. Average reduction in outgoings of more than £800 per month for customers taking a loan to repay existing credit commitments in the last 12 months.
Secured loan interest rates
When you take out a secured loan, you'll usually be able to choose between different types of interest rate. Here's what to look out for.
- Fixed rate: Your interest rate is fixed for a set period — typically 2-5 years. Your monthly repayments stay the same during this time, which can make budgeting easier.
- Variable rate: Your rate can go up or down over time, usually in line with your lender's standard variable rate. Your repayments could change, so it's worth factoring this in when you apply.
- Discounted variable rate: A variable rate with a discount applied for an initial period, such as 2 or 5 years. You could benefit from lower repayments to start with, though your rate may change after the discount period ends.
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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 |
Let's make
it a yes
Got questions?
Is a secured loan right for me?
A secured loan could be a good option if you're a homeowner looking to borrow a larger amount over a longer term — often at a lower rate than other types of borrowing. But it's not the only option — and it's important to find the right fit for your circumstances.
- A personal loan might be worth considering if you need to borrow a smaller amount. You won't need to use your home as security, and you could still get a competitive rate if you have a good credit history.
- Remortgaging could be another way to release funds, especially if you're coming to the end of a fixed mortgage deal.
- A credit card could work out cheaper overall if you only need to borrow for a short period of time.
Can I pay off a secured loan early?
Yes, you should be able to pay off a secured loan early. Whether you'll be charged for doing so depends on your lender and the type of rate you're on.
Some lenders on our panel offer deals with no early repayment charges, or with overpayment facilities — so it's worth checking this when you compare. Where charges do apply, the amount will depend on how much you have left to pay and your lender's policy.
It's always worth weighing up any early repayment charge against the interest you'd save by paying off your loan sooner.
What credit score do you need for a secured loan?
There's no specific credit score required for a secured loan. Because the loan is secured against your home, lenders may be more flexible — though a higher score can still improve your chances and help you access better rates. Keeping up with repayments can also help your credit score improve over time.
What do I need for a secured loan?
When you apply for a secured loan, you’ll normally need to provide:
- proof of homeownership
- proof of address for the previous three years
- proof of income and outgoings (e.g., bank statements)
Should I get a secured loan or remortgage?
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.
Last updated
Reviewed by: Matt Waller
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