What is a secured loan?

A secured loan is a type of loan which is usually held against your house. In order for the lender of a secured loan to balance the risk of lending to you, you will be required to provide a large asset (usually your house) as a form of security.

Why could a secured loan be beneficial?

The amount you can borrow will be higher; however it will vary from lender to lender and will mainly depend on the value of your property and your personal circumstances. A secured loan is a beneficial option as you will have access to great loan amounts and can borrow money for longer periods of time; sometimes up to 25 years. However, you must be warned that by taking out a secured loan you will also run a huge risk of losing your home if you default on the loan.

How much can I borrow?

Your offered loan amount will depend on the value of your ‘free equity’ and your personal circumstances, but can range, on average, from around £5000-£250,000.

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