Compare 100's of the UK's Best Secured Loans

Depending on your financial circumstances and your goals, a Secured Loan may well be the right solution for you. Especially if your mortgage is on a low rate and fixed long term. At The Mortgage Broker, we will fully understand your financial circumstances and advise you on whether a Secured Loan is more appropriate than a Mortgage or Remortgage when getting access to cash.

It is really simple to get a secured loan, and The Mortgage Broker work with a number of specialist partners and lenders, to ensure that we get you the absolute best rate and most suitable terms that meet your needs.

Secured Loans can be a smart approach to borrowing. Don’t affect your current mortgage rate and monthly repayments on the larger sum, and secure a loan on your property for a small amount until your mortgage rate ends.

Here are some reasons as to why people opt for a secured loan over a remortgage.

Mortgages should always be considered in the first instance. At The Mortgage Broker, we will always review your mortgage first. This is because interest rates are generally lower for a mortgage rather than a secured loan, and for larger amounts and more longer-term borrowing there are further advance opportunities and various mortgage products to consider. Furthermore, if you are looking to access a large portion of your home’s value, then a mortgage or remortgage, could be more appropriate when releasing equity.

Recently we needed to consolidate some debt and secure it against the house we currently have. The Mortgage Broker has been amazingly helpful and went above and beyond to help us out. Our finances are now in a much more positive place and the team managed to find us a great deal on a secured loan.

What are the disadvantages of secured loans?

Significant risk: If you default, the lender can repossess your home to recover their money, meaning the security is for the lender, not you.

More interest over time: Stretching the loan over a longer period might lower monthly payments, but it usually means paying more interest overall.

Early repayment fees: Paying off your loan early could result in early repayment fees.

Can I pay off a secured loan early?

If your situation changes and you want to pay off your loan early, most secured loans allow this, but you’ll likely face a fee. This fee usually equals a few months’ interest, and your lender can calculate the exact amount. A smart approach is to review your mortgage first, and then ensure your secured loan is compatible with that, and ends or can be broken at a time you need to remortgage, so you can then consolidate it into one mortgage and one payment again.

Are secured loans easier to get?

Generally, yes. Since you’re offering your home as security, lenders view you as less risky, meaning they might place less importance on your credit score.

What should I consider before applying for a secured loan?

Don’t worry, your mortgage broker will absolutely advise you fully, and we can ascertain whether a secure loan is the right choice for you.

Like all mortgages or loans, secured loans carry significant risks; so it’s important to think carefully before applying.
Consider these factors:

Affordability: We must ensure you can afford the repayments over the entire loan term, even if your circumstances change and ensure the product is suitable, sustainable and affordable.

Loan to value ratio: Lenders will assess how much equity you have in your property to determine how much you can borrow. Loan to value (LTV) is the term use that is the % of your property that you own compared to the mortgage or loan. If your house is worth £500,000 and your mortgage is £250,000 – then your loan to value ratio is 50%.

Interest rates: Many secured loans come with variable rates, so be prepared for potential rate increases – again, this will all be discussed with you.

How do I access a secured loan?

Using a broker is the best approach, for all the reasons discussed here. There are a number of lenders that offer secured loans, and just like mortgages, mortgage advisers will have the best access to comparing these options for you, alongside your mortgage option. The Mortgage Broker have trusted partners that we will work with to ensure you get the right products terms for your financial needs.

Secured Loans UK!

In the UK, there are around 900 Lenders that operate across various types of loan types, including secured loans UK wide. There are a mix of lenders across the high-street banks, building societies, and alternative finance providers, some of which are regulated by the Financial Conduct Authority (FCA), while others operate in niche markets without the need for regulation – such as unregulated bridging.
Secured loans in the UK can be found through various channels, with notable lenders including major banks like Santander, NatWest, Barclays, and RBS, as well as more specialized providers like Evolution Money and Norton Finance. We operate across the UK and can access specialist partners for any of your needs, depending what your financial circumstances require.