Secured Loans are usually in the form of a second charge loan, secured against your property. This can be secured against any type of property and it works the same as a mortgage, you choose a term of the loan and make either interest only payments or capital repayments, for the term of your loan.

You need to have a first charge in order to get a secured loan and there are a number of reasons why someone would take a secured loan, with the main few being home improvements, a property purchase or debt consolidation.

Secured loans are often a much quicker process than taking a full mortgage as there is no legal work involved for the lender. You should always contact your first charge lender first to see if they can offer you a further advance of funds, as they will almost always have better interest rates on a further advance than what a second charge can offer you. You can also get a third charge but most brokers will usually push you away from this unless extremely necessary as these are very expensive.

Please have a play around with the calculator, we advise using rates between 5.5% and 9% for second charges in the current market and please only include the additional borrowing you require. If you are interested in speaking to us about a secured loan, please submit an enquiry with the form provided.