Secured Loans

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Secured Loan

A secured loan, or second charge, is secured against your property as per a regular mortgage. It is often useful if you are bound by your existing lender, or if you need shorter term funding such as home improvements, or to pay off asset finance (such as a car).

With the loan being secured against your property you need to make sure you can afford the monthly repayments and manage the increase.  The loan will act independently of your first/current mortgage and will therefore carry its own terms and conditions.

Why opt for a secured loan?

A secured loan can help you finance things such as home improvements, funds to buy a second property outright or towards a deposit.  Furthermore, if you have poor credit, it can be an alternative to obtaining an unsecured loan if refused, or offered a higher rate.

With a secured loan you can typically borrow larger sums of money than a conventional bank loan, such as £10,000 and over. Like every other loan however, you will need to make monthly repayments and interest is added and calculated as a percentage of what you owe.   

It can often be a way of borrowing more than a conventional first charge mortgage, or simply a quicker form of raising finance vs a full remortgage.

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What costs are involved?

Depending on the loan size required, and the lender opted for, costs can vary.  Typically, as with many mortgages, there will be fees due to the lender and surveyor.  The majority of fees can be added to the loan (if desired), and a significant savings is often due to not requiring the usual legal help, therefore saving the solicitor fee(s).

By speaking to one of our brokers, we are able to check what options are available to you and expand on the relevant costs.

How much can I borrow?

When you take out a loan on a secured basis, you can borrow from £10,000 to £100,000. There are some cases with lenders you’ll be able to borrow more but these aren’t common cases.

In order to be eligible for a secured loan, you’ll need to have equity in your property. This is a portion of your property you own outright, if you’d like to work this out, deduct the amount remaining on the mortgage from the value of your property. It goes without saying, the more equity you have, the more you can borrow but you will not be able to borrow more than what is available in equity and in some cases, lenders may want to lend you less than that.

Things you should consider before applying.

There are many factors you should consider before you proceed with an application as there are risks involved for you:

  • Eligibility, you will need to meet certain eligibility criteria before you’re able to apply.
  • How much are you prepared to borrow? You should never borrow more than you can afford just because it has been presented to you that you’re able to borrow more, you need to consider the risks.
  • Loan fees, there are arrangement fees, broker fees and a potential early settlement fee.
  • Financial situation, once again, you need to consider your current circumstances and if it is viable for you to take a secured loan.


Overall, if you believe a secured loan is a good option for you, speak to one of our expert brokers who are ready to help 7 days a week. They will give you advice on what the best options are for you and help through the whole process from start to finish and beyond, contact us today.