100% Recommend

Expertly compared by Simon Nicholson

Products Updated March 30, 2022

Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it.

11 providers expertly compared:

Learn More Available via broker only

Paragon Bank

Loan Amount
£20,000 - £500,000

Initial Rate
3.6%

Loan Term
5 - 25 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

3.6%

Total repaid will be:

£50,805

Second charge mortgages for homeowners in England, Wales and Mainland Scotland. We work hard to make sure we have a wide range of loans to meet our customers' needs. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Masthaven Bank

Loan Amount
£10,000 - £500,000

Initial Rate
4.19%

Loan Term
5 - 35 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 75%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.19%

Total repaid will be:

£50,805

We were the first new bank to be awarded a banking licence in 2016. However, we’ve been providing a flexible and personalised approach to secured lending since 2004. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

United Trust Bank

Loan Amount
£10,000 - £125,000

Initial Rate
4.45%

Loan Term
3 - 30 years

Loan Type
Residential
& Buy to let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.45%

Total repaid will be:

£50,805

United Trust Bank’s highly skilled and experienced specialised mortgage team offers innovative lending products through a panel of approved introducers. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Shawbrook Bank

Loan Amount
£10,000 - £500,000

Initial Rate
4.2%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 90%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4.2%

Total repaid will be:

£50,805

If you’re paying out for a number of different loans or credit cards, a debt consolidation loan from Shawbrook Bank could save you money every month in interest. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Step One Finance

Loan Amount
£5,000 - £500,000

Initial Rate
6.9%

Loan Term
5 - 30 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 95%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

6.9%

Total repaid will be:

£50,805

Our homeowner loan products are available to qualifying homeowners and owners of Buy-to-Let properties in England, Scotland and Wales with loan amounts available up to £150,000. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Together Money

Loan Amount
£3,000 - £1,000,000

Initial Rate
6.65%

Loan Term
3 - 30 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 77.5%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

6.65%

Total repaid will be:

£50,805

If you need to raise funds, for example, to make home improvements or get on top of your debts, and you have existing equity in your home, a secured loan could be the right option. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Central Trust

Loan Amount
£3,000 - £250,000

Initial Rate
8.5%

Loan Term
3 - 30 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 75%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

8.5%

Total repaid will be:

£50,805

We’re an independently owned specialist secured loan lender in the UK and are part of the Norfolk Capital Group of companies that have been providing secured loans since 1988. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Optimum Credit

Loan Amount
£5,000 - £500,000

Initial Rate
4%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

4%

Total repaid will be:

£50,805

We offer a straightforward, customer friendly approach, both during your application process and after completion of your second charge mortgage. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

Oplo

Loan Amount
£5,000 - £50,000

Initial Rate
8.0%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 70%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

8.0%

Total repaid will be:

£50,805

Here at Oplo we offer secured loans from £1,500 to £50,000 (subject to your personal circumstances) to new and existing customers. Get a quote today for a personal illustration from our award winning broker.

Representative Example

11 providers expertly compared:

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Evolution Money

Loan Amount
£1,000 - £20,000

Initial Rate
10.20%

Loan Term
1 - 15 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 95%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

10.20%

Total repaid will be:

£50,805

We won’t rely on automated credit scores. At Evolution Money, people take the decisions and they look at you, not your credit history or the amount of equity in your home. Get a quote today for a personal illustration from our award winning broker.

11 providers expertly compared:

Learn More Available via broker only

West One Secured Loans

Loan Amount
£10,000 - £500,000

Initial Rate
3.99%

Loan Term
3 - 25 years

Loan Type
Residential
& Buy to Let

Status
Homeowners Only
Max LTV 85%

Rated 5.0/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Initial Rate:

3.99%

Total repaid will be:

£50,805

West One offers an extensive range of second charge mortgage solutions that can be secured on buy-to-let properties, including unregulated buy-to-lets as well as regulated consumer buy-to-lets. Get a quote today for a personal illustration from our award winning broker.

Check My Eligibility
Application Criteria?

Application criteria for this product is:

  • Homeowners Only:

Read our customer and visitor reviews for this product:

Rating: 4.6 / 5 with 31 votes

Good for secured loans

by Abdul R

Good service for secured loans with a full brokerage service. Good panel of lenders to suit most customers.

Found the right mortgage I was looking for

by Mrs Dale

Had a very positive experience using the mortgage pages. Thankyou.

Loans displayed have a minimum term of 12 months and a maximum term of 360 months. Maximum APRC charged 49.9%.

 

Overall Representative Example for Secured Loans

 

Based on borrowing £18,000 over 120 months. Interest Rate: 6.5% fixed for 60 months with instalments of £227.38. Followed by 60 months at the lenders standard variable rate of 4.95% with instalments of £221.71. Fees Broker fee (£1,530); Lender fee (£495). Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee and Lender fee. Overall cost of comparison 9.1% APRC.

 

Use Our Secured Loan Repayment Calculator & Find The Best Loan For You

Our secured loan repayment calculator allows you to choose how much you want to borrow and how long for and you will be able to compare a whole list of secured lenders across the UK.

Our calculator is completely free to use and you can check your eligibility today with Lending Expert in less than 5 minutes.

We require just a few basic bits of information including how much you want to borrow, how long for, your personal details, property details, monthly income and expenses. 

Secured loans (also called homeowner loans) are usually subject to various checks, including a property valuation and proof of income – but if approved, you can usually receive funds to your bank account in just a few weeks.

Check My Eligibility

 

What is a Secured Loan?

A secured loan allows you to use something valuable as collateral or security in order to borrow the money you need. They are also commonly referred to second charge loans or second charge mortgages.

Your security is often something that you own and is valuable, such as home, flat, property or vehicle and you can leverage its value in order to borrow money, ranging from £500 to £250,000.

The duration of a secured loan ranges from 1 to 30 years and is repaid in monthly instalments, with rates starting from just 3.34% APR.

Secured loans are ideal for homeowners looking to borrow money or consolidate debts – and they are also popular for people with bad credit histories who may have been declined elsewhere.

It is important to remember that by using your property as security, this could be repossessed by the lender if you do not keep up with repayments for some time.

 

What Can a Secured Loan Be Used For?

 

What Can I Use as Security?

Secured loans are often associated with borrowing against a property, either one that you live in or use for commercial purposes. This includes homes, flats, maisonettes, bungalows, offices, storefronts, garages and warehouses based here in the UK.

Secured loans can also refer to using a vehicle as security whether it is cars, bikes, vans, lorries or a fleet of vehicles. See also, logbook loans.

 

Why Should I Use a Secured Loans Calculator?

With a number of lenders and products available, a secured loans calculator is similar to our bridging loan calculator and allows you to choose the terms of your loan and find a number of competitive providers, rates and terms.

Use our calculator to compare:

  • Loan amounts
  • Loan duration
  • Rates
  • Repayment amounts
  • Terms

 

Rather than going to one lender directly, you can find the best rates all in one place.

At Lending Expert, we have partnered with a wide range of secured lenders, who can offer loans for all purposes, sizes and credit backgrounds. Simply use our secured loan calculator and click on ‘Check My Eligibility’ to get started.

Check My Eligibility

 

Is Your Secured loan Calculator Free to Use?

Yes, absolutely, you can use our calculator free of charge and you can compare rates at your convenience. We do not charge any fees for applying either, we only receive a broker fee if your application is successfully approved and funded.

 

What is the Eligibility Criteria for a Secured Loan?

  • You must be a UK resident
  • You are a homeowner
  • You have an existing mortgage
  • You are employed with a regular income
  • No recent bankruptcies – although bad credit is considered

 


Can I Get a Secured Loan with Bad Credit?

Yes, you can get a secured loan for bad credit and this type of borrowing is often used by people who have been turned down for mainstream loans.

If you have a property or vehicle that is in good condition, you can secure a loan against it and borrow the money you need. You will need to have a stable income and be able to afford repayments – and do not forget that if you cannot keep up, your home or vehicle could be repossessed. Find out more here in this guide.

 

What Additional Fees Are There?

In addition to the interest charged by the lender, other fees associated with secured loans include:

  • Early repayment fees
  • Broker fees
  • Legal fees
  • Survey fees
  • Valuation fees

 

How to Use The Secured Loan Calculator from Lending Expert and Apply Today

To use our secured loan calculator, simply click on the buttons provided that allow you to choose the loan amount and loan duration.

Use our table to compare the different secured loan options for you and when you are ready, simply click on ‘Check My Eligibility.’

Our team would be delighted to process your enquiry. We require just a few pieces of information including the value and details of your security and how much of it you own. 

We can usually provide an indicative quote within 24 hours and subject to further checks, you can usually receive the loan transferred to your bank account within a matter of weeks.

Check My Eligibility

 

FAQ

Loans can be completed within a matter of a few weeks assuming all the application and supporting documents are provided quickly. Perform an eligibility check here on Lending Expert to compare rates and get expert advice from an approved broker.

No, there are no up front fees to pay. However, there is a broker fee and lender fees to pay upon completion of the loan. In most cases there is also a home survey/valuation fee to pay in addition to the broker and lender fee. These fees and the amount to pay will be explained to your prior to taking out an application.

There are many alternatives to secured loans if you do not want to risk using your property as collateral. There are unsecured loans if you prefer to borrow money without your house at risk - and your eligibility will be based on your income and credit score. In addition, you can consider a guarantor loan whereby you have an extra person you know to act as your guarantor and agree to cover your repayments if you cannot.

The amount you can borrow will depend on factors such as home equity and affordability. A quick assessment from a secured loan broker will be able to establish how much you are able to borrow and how much the loan will cost.

Yes and no, not all products on offer here will come with ERC's. The broker will be best to advise on the individual lender products and which ones carry early repayment charges.

Rates for secured loans start from 3.34% APRC, with the rates charged dependent on factors such as income, outstanding debt, credit score, value of your property and equity in your home. Additional fees may apply including broker, arrangement, valuation and solicitor fees - especially for borrowing large amounts. Check your eligibility here on Lending Expert to learn more.

You can often borrow larger amounts because lenders are more confident that they will get their money back, either from loan repayments or sale of the property. Secured loans are often popular for larger loans over £10K with longer repayment terms up to 35 years. If you have adverse credit then secured loans typically come with a lower interest rate than unsecured loans because the lender is taking on less financial risk.

Yes it is possible to sell your house and the money from the sale to pay off your secured loan alongside your first charge mortgage. Your conveyancing solicitor will normally handle the repayment of your loan and deal with the lender as part of the sale process.

If you're struggling with your secured loan repayments, speak to your lender as they may be able to help. Don't just stop paying, as your property could be put at risk of repossession. A lender is unlikely to write of any debts as the loan is secured against a property or your home.

For a homeowner loan you will need a maximim of 5% equity as collateral for a small secured loan. The more collateral you are able to offer then the more preferable interest rates you will be offered. Perform an eligibility check here on Lending Expert to compare rates and get expert advice.

If you have bad credit then you may find that secured loans are easier to get when compare to an unsecured loan for example. This is because the lender has additional security in the form of your home or property.

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