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    Secured Loans

    In this guide we’ll cover everything you need to know before you sign on the dotted line. We’ve split the guide into three sections:

    In Section 1 you’ll find out:

    1. What a secured loan is
    2. What your monthly cost will be
    3. How to get the best loan rate
    4. The types are available
    5. What you can use it for  


    In Section 2:

    1. Is it the right option for you?
    2. The difference between a secured and unsecured loan
    3. What a homeowner loan is
    4. How we can help you to compare rates


    In Section 3:

    1. FAQ
    2. Things you should consider before applying
    3. What happens if you default
    4. What happens after you apply
    5. How quickly you can get the money


    Section 1

    What is a secured loan?

    A secured loan is a borrowing against your home or another asset. This means if you fail to repay as agreed, your asset is transferred to the lender so they can reclaim their money. They are typically quite large, as the lender reduces their risk by securing the funds against your asset.

    Normally, arrangements on your property allow you to borrow from £10,000 upwards and the collateral is used as security against your repayments. Not everyone will be accepted so if you’re wondering if can you borrow money against your house - the amount you can borrow against your house or business properties depends on the value of the building and your current mortgage.

    If you already have a secured mortgage on your property or other charges against your home, further borrowings may not be possible as lenders tend to want equity (value in excess of the mortgage) in the property in order to offer a low-risk solution.
    Another name for this kind of borrowing is a ‘homeowner loan.


    How much will my secured loan cost?

    Looking for cheap secured loans? Use our free calculator to check what your monthly repayments would be.


    Remember: this homeowner loan calculator only provides an example and there may also be fees charged at the start of your loan. Our trusted lenders will explain all the costs involved before you apply.


    Best secured loans

    Homeowner loans are one of the most personalised financial products you can agree to, this is because the rate, term and amount are all based on your individual circumstances. To find the best rate, it’s advisable to use a reputable broker. The best rates UK lenders can offer you will depend on your income, outgoings, equity, credit score and debt commitments.

    Whether you’re after the best rates for 10000, a 25000 consolidation loan, or searching for 100000 secured home improvement loans, here’s how to get a great rate:

    To get the best deals, you’ll need:

    A good payment history

    Previous missed payments can be a problem. Having a good a history increases your chance of getting a competitive rate as most lenders are less keen on lending money against property to people with a below average score.

    This is especially important for for pensioners as there’s often no regular employed income to make the monthly repayments. If your history isn’t perfect, try holding off while you improve it. Knowing where to get help in this situation is tough, that’s where we come in - get in touch and we will help you find the right lender.


    A fixed address in the UK

    Having a permanent UK address is very important. Lenders don’t like to lend on house or business properties to people that have moved on a frequent basis, as it’s often a sign instability. Ideally you will have been in your current address for at least five years

    A repayment plan that’s realistic

    You may be thinking ‘I need a secured loan‘, but don’t let your eyes be to big for your pocket. Make sure you choose an affordable amount of money to borrow that you can repay comfortably each month. The UK lending industry is heavily regulated by the Financial Conduct Authority and your lender will take all your other commitments into consideration, so you should think about any unforeseen circumstances that may crop up (they always do).

    We work directly with trusted lenders to give you access to the most competitive loans online and on the high street from as many lenders as possible, so you get a choice of loans that fit your situation. When you’re wondering how do I borrow money against my home - our brokers will use your exact circumstances to find the best collateral loans on property available, so you know you can feel comfortable saying I can borrow money against my house and afford the repayments.

    Complete our quick form and we’ll arrange for one of our trusted partner lenders to contact you, free of charge. We may even be able to help you get a guaranteed home equity loan if you have missed previous payments with other companies.


    Types of secured loan

    Once you know you can apply against your property or an asset you own, there are three types to choose from:

    Fixed term

    You pay the same amount each month until the borrowed amount is repaid. The monthly amount is set and will not change, so you can budget for the month and year ahead. When it comes to long term loans no interest is usually given to the total amount repayable, but our partners will make this clear to you

    Short term at a fixed rate

    These are typically low interest rate, but not for the full term. So, say your loan is over seven years, your short-term fixed rate might be over two, after which your repayments change (usually going up) to meet the lender's standard variable rate. People choose these as the initial short-term rate is usually quite low.

    Lenders use these low rate loans to get lots of borrowers signed up, knowing that a large number of them will end up spending the rest of the term on the higher rate, and they’ll make more money. There are plenty of low rate personal loans UK wide, so always seek advice on whether a loan is right for you.

    Variable rate secured loans

    It’s all sounding quite like mortgages isn't it? That’s because it’s a similar concept. A variable rate loan has an interest rate that can move up and down month to month, depending on the Bank of England base rate. So each monthly repayment could be different, going up or down, as can the overall amount you borrow against home and business properties. Not great for budgeting.

    You can borrow money against property or another asset for any legal purpose, including:

    • Home improvements
    • Car purchase
    • Business capital
    • Self improvement
    • Debt consolidation


    Section 2

    Is a secured loan right for me?

    Taking out this type of financial product is a decision that needs plenty of consideration, not only are you committing to a sizeable loan, but you’ll be tied into repayments and your home may be at risk you fail to repay. Before fully committing it’s important to find out how affordable the repayments will be.

    You should only ever borrow what you can afford to repay monthly from your income, when you fall behind on homeowner loans it may be reported to reference agencies such as Experian or Equifax. It can also affect your wellbeing and ultimately, whether you own your home or not. If you’re considering getting a home equity loan with a poor history, be prepared to miss out on the best rates.

    If you’re comfortable with taking out a secured loan and you can afford the repayments, then it’s up to the lender to decide whether you’re eligible and what your loan terms will be. Not all offers are the same and your personal circumstances will affect the amount, interest rate and length of your loan. For example, when it comes to homeowner loans your history will limit the options you have.


    Can I borrow money against my property?

    You’ll need equity in your property if a lender is going to use it as security. By securing the debt, you’re telling the lender you can pay them back, even if you can’t make the repayments. Using your property can sometimes allow you to be accepted regardless of your situation, as the lender has your property as insurance.

    The problem is, if you don’t have any equity in your home (value in excess of the mortgage amount) then your lender can’t get their money back as the mortgage company will take all the sale price of your home.

    Lenders will use your equity and mortgage amount to determine the amount you can borrow, the length of the agreement and the interest rate. The larger the equity amount, the more comfortable the lender will be, so you’re more likely to enjoy the better rates, larger loans and longer repayment periods compared to low equity and unsecured products. But always compare homeowner loans to ensure you’re getting the best deal.


    What if I’m not a homeowner?

    If you’re not able to take a borrowing against property owned, you may be able to use other assets such as a car. Speak to us to get a quote or to find out more.


    What’s the difference between a secured loan and unsecured loan?

    An unsecured loan doesn’t have your home or another asset as security. What does secured loan mean? The opposite, the lender uses your home as insurance if you can’t pay the money back. With an unsecured loan, the lender relies on your ability to repay monthly to get their money back, so there are fewer options for those with a poor financial score.

    If you don’t make the payments, they can’t take anything off you as the loan was unsecured. This added risk typically makes unsecured loans more expensive than their counterpart.


    Homeowner Loans

    What is a homeowner loan is a common question. Secured loans are also known as homeowner loans, purely because the majority of these use a property as security. There’s no difference between home loans and ones against property and when it comes to official documentation, it will be referred to as a secured loan.

    Other names for homeowner loans UK lenders use are a secured home loan or second charge mortgage. Again, these are just another name for the same product. You can go to either a broker for a range of homeowner loans or to lenders for direct homeowner loans.

    As with any loan of this kind, if you don’t repay your loan against house or business properties, your lender has the legal right to take your property and sell it to get their money back.


    Compare low rate loans

    Whether it’s loans under 50000, a 30000 secured loan, a 90000 loan or a 100000 loan you’re looking for, average home improvement loan rates fluctuate. That said, whatever you’re planning to do with the money, be it a house building loan or business capital, you’ll want two things: a low rate and affordable repayments.


    Both of these are important to help you budget and manage your financial responsibilities, especially low secured personal loan rates, which is why it’s important to get a quick mortgage comparison before you sign and compare quotations.


    The most common low rate loans UK lenders offer:

    • 250 loan
    • 10k loan
    • 25000 loan
    • 30k loan
    • 75k personal loan
    • 80000 loan
    • 100k loan
    • 200000 loan

    Knowing where to get a secured loan can be tricky, especially when you’re looking for low rate loans 25000 or above, so shopping around is always advised - this is why we let you compare mortgage loans by working with trusted brokers that have access to the best homeowner loans from multiple lenders.

    Fill out our form and we’ll put you in touch with a lender who’ll run a comparison UK wide, compare the best loan deals UK lenders have, and find your loan deals to suit. These are all non broker loans provided by actual lenders. That way, you can be sure that you’ve seen all the low interest secured personal loans, got a great rate and you know who you’re borrowing from.


    Section 3

    Secured Loans FAQ


    Do I have to own a property?

    No, whilst owning a property does give you access to better lending rates, you can still secure a loan against another asset as long as the equity covers the loan amount.


    How long does it take a secured loan to complete?

    It depends on the lender and the type of secured loan, quick secured loans can be completed the same day, others take up to around two weeks

    Will I have to get my property valued?

    Valuation fees are not usually charged upfront by lenders. They typically absorb this cost as they will already have a good idea of whether they’re going to approve your application or not.

    My rating isn’t great, can I get accepted?

    Yes. Our lenders deal with the full range of secured loan products, including those who specialise in secured loans for bad credit. In fact, sometimes secured collateral loans for this situation are a good option if you own a home, as the lender can offer low cost options due to lower risk.

    Knowing how to get accepted with a poor history can be tricky but do contact us and our lenders can show you your options, even on large loans. But, remember to keep up those repayments, as your home may be at risk if you don’t.

    Can self-employed people get a secured loan?

    Yes. You’ll probably need to provide extra proof of your income, this could include audited accounts over the last three years. You can it to build a financial profile score as well. Our lenders can show you the range of secured loans for self employed with no accounts and with accounts.


    What documents do I need?


    You’ll need to give your lender the following information:

    • An email address
    • A mobile phone number
    • Bank account and debit card details
    • Your income and outgoings
    • Your credit score
    • Existing borrowings
    • The amount of equity available in your property
    • How much you want to borrow
    • How long you want to pay it back


    How much to borrow 25000 over 10 years?

    You can use our calculator above to give you an example of the monthly repayments and total cost of a £25,000 borrowing against property over 10 years or loans up to 25000 over 5 years. Just remember that the interest rate on 25000 loan deals offered by lenders will depend on your own personal circumstances and a 25000 loan over 5 years may cost less than a 25000 loan over 10 years.


    Is borrowing against my home safe?

    The UK financial industry has strict lending laws and affordability checks in place, especially after the recession caused by toxic lending. Using reputable brokers and lenders will ensure you sign up for a fair agreement. Just use a secured loan calculator UK lenders provide to check affordability and be sure to share all your relevant information beforehand. Keep up with your payments too, if you don’t, your home can be taken from you.


    Is a mortgage a secured loan?

    Yes, a mortgage is very similar. So if you don’t keep up with the repayments, your lender can legally repossess your property. The lender is prepared to loan you such a large amount of money because the property is essentially secured by mortgage terms.


    I own my home outright and need a loan, can I get one?

    Yes. As long as the lender approves you, you’re in a good position to get accepted. Our partners can help the majority of people whatever their situation. so fill out our quick form and we’ll connect you to a loans specialist for free.


    Things to consider before applying.

    Take out insurance


    When you’re using your home as security, it may be worth taking out an insurance policy in case anything unexpectedly happens. This could include being made redundant or falling ill, which would mean you may not be able to meet the repayments. These policies are often sold by lenders not brokers, so shop around for the best policy and always take expert advice before agreeing to an cover, as it will need to protect you in your specific situation.


    You could lose your home


    Borrowing money against your home exposes you to the risk of having it repossessed if you fail to meet the payments. This is the worst case scenario when borrowing money against your house and is the reason you should always make sure your monthly repayments are affordable. Always speak to your lender straight away if you’re having difficulties, as they will always work with you to repay any unsecured loan - it’s in their interest to do so.


    Repaying early


    You may want to repay your loan early, but remember that some lenders will charge an excess for doing this, it is cheaper sometimes to let your loan run its course for the agreed payment time.


    Don’t apply for lots of loans


    Say you’re looking for the cheapest loan rates for 25000 (which aren’t always the best loan rates for 25000 as explained in ‘Types of secured loans’ above) and there’s a few to choose from, avoid making multiple applications for in a short space of time, as this will affect your rating negatively. Lenders will look at your file as part of your application review, a personal file with multiple searches in a short time frame suggests you’re being rejected a lot, adding to their risk.


    Think long-term


    Secured loans are typically longer-term loans and are repaid over 5-25 years. It’s important to remember that the longer the term, the more property loan interest there will be. So, although smaller payments over a longer period may seem attractive, it will end up costing you more than larger payments over a shorter period. Ask yourself how much would a 25000 loan cost over the life of the agreement, not just next month.

    Want to find the rates for your situation? Fill out our quick form and your details will be passed to our partners who’ll find the best deals online and on the high street for you circumstances.


    What happens if I default?


    If you miss one repayment, then your lender will want to come to an agreement on how you’re going to make up the arrears. If you miss more than one and there’s no likelihood of you making any more repayments, then on secured loans UK law allows your lender to take your home from you through repossession proceedings.

    Whether you’ve got a 75000 mortgage over 15 years or a 60000 mortgage over 15 years, home lenders do not have to get permission from your mortgage lender before starting to repossess your home. But your mortgage lender’s outstanding balance will be cleared first, and your secured loan lender is paid from any equity left over.

    It’s so important to be open with your lender if you’re having difficulties. The best secured loan companies will help you get back on track, and the sooner you discuss it, the more the lender can do to help you. Any missed payments and defaults are also recorded.

  • What happens after I apply?


    This is a typical secured loans process in the UK:

    1. Your lender will review your application form.
    2. They’ll run an affordability and credit check.
    3. They’ll let you know if you’ve been approved or not.
    4. If you’re approved they’ll send you the terms and conditions to sign.
    5. 5. Your money is transferred to your account.


    How long does an application take to process?


    This depends on the lender and the type of loan. In some circumstances the lender can deposit the funds within the hour, some will take a few days, all the providers differ. There are some lenders that will give you an instant loan against property but they usually charge three-figure percentage rates.

    If you’re looking for secured loans for with less than perfect credit and an instant decision there are lenders are available. Whichever type of lender you choose, once you have the money, your repayment plan will begin and your first repayment will be taken on the agreed date.

    Hopefully, you now know how to get the best rates and what to look out for when applying. If you want more free expert advice, fill out the short form and a trusted secured loan broker will contact you for free, no obligation review of the loans available to you.