Secured loans allow you to borrow money on the understanding that it is secured against an asset, typically your home in the UK. Because of the way they work, secured loans are sometimes known as homeowner loans.
Why choose secured loans?
Because secured loans are held against your property you can often borrow more money than you would be able to through an unsecured loan.
Secured loans can also be a good option for contractors and people who are self-employed because the loan is secured the lender is less concerned about proof of income. The same goes for bad credit ratings too.
How much can you borrow?
This will depend on your specific circumstances, but typically you can borrow a lot more than you can when the loan is unsecured. We typically compare loans with a value between £5,000 and £200,000.
Your ability to repay the loan and the amount you owe on your mortgage compared to the value of your property (LTV) will be taken into consideration to determine how much you can borrow.
What can you use a secured loan for?
This is up to you and depends on your circumstances. Typically people take out a secured loan to help fund home improvements and renovations. Alternatively, you might be looking to consolidate your loans into one, easier to manage monthly repayment.
Finding the right secured loan
This is where we come in. We will help you to compare 100s of secured loans to make sure you get the right deal for your circumstances. Don’t worry, this won’t affect your credit rating, nor will we charge you anything, we just compare and provide you with a list of secured loan options.