Secured Loan FAQs

A secured loan, often referred to as a homeowner loan, is a loan that is secured against your home.

You can often use a secured loan for anything you like including but not limited to consolidating your debts, home improvements or school fees.

Anybody that is a homeowner with an outstanding mortgage. You must own enough of your property to at least cover the amount you wish to borrow.

Yes, as long as you have been self-employed for more than 12 months, you will be asked to provide some proof of earnings, such as three months bank statements.

Unfortunately you need to have an outstanding mortgage to be able to apply for a secured loan because they can only be given in addition to a mortgage. That said, we can still help you to arrange finance through other means such as a mortgage.

You can still apply for a secured loan, provided you show proof of a formal tenancy agreement. You will normally need a loan to value (LTV) of less than 65 per cent.

LTV is short for Loan to Value, and is calculated as the amount you owe on your mortgage as a percentage of its market value. For example, if your home is worth £200,000 and you have £100,000 outstanding on your mortgage you have an LTV of 50%. We can usually find loan deals for people with LTVs of up to 95%.

This depends on your circumstances, but we typically work with loan values of between £5,000 and £200,000.

Again, this depends on your circumstances, the amount you borrow and the interest rate at which you borrow. Once you have decided on a loan you will arrange a monthly repayment plan with the loan provider.

You can apply online for a loan deal you have found through Comparealoan.co.uk.

Not at the comparison stage. Unlike other loan brokers we run a soft credit search to find you deals that you will be accepted for without a full credit check. It is only when you decide to go ahead with a loan that a fill credit search will be performed.

Not up front, but there will be an arrangement fee that is added to the cost of the loan, which will cover all broker costs including legal and valuation fees.

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