Secured Loan Quote

We search hundreds of homeowner loans best deals
Free no obligation loan quote tailored to your needs
Quick and easy - One simply form to fill out
Secured homeowner loans upto £100,000

Secured Loans Explained

Secured Loans are an effective and afforable way of borrowing. They are available to homeowners who have mortgages or own there own home outright. Secured loans can be used for a range of purposes including home improvements, family holiday, debt consolidation, buying a new car or even events such as a wedding.

Those that struggle to get credit due to poor credit history or CCJs may find that they are more than likely to be accepted for a secured loan. This is because the provider requires security in the event that the borrower defaults. This security is normally the borrowers property therefore only homeowners are eligible to apply for secured personal loans.

Interest rates tend to be more higher to those with bad credit problems, this is because there is an increased risk for the lender based on your credit history. However, because the loan is secured against the borrowers property there is more chance that you will get accepted for a secured loan than an unsecured one.

Remember that secured loans are secured against the your property, which means that if you default or are unable to keep up with the repayments you could be at risk of losing you home.

There are many flexible options for secured loans these days which means that it is relatively easy to find a loan that suits your needs and budget. You can keep your repayments low by spreading the cost over a longer peroid, or increase repayments to keep the interest rate low.

Most secured loan companies offer the option of payment protection to be taken with the loan. This insurance is designed to cover the loan repayments for a certain period of time if you are unable to work due to accident, sickness or unemployment. Although this comes at an added expense, it can be worthwhile especially if you do not have any other means if paying the monthly amounts as your home is likely to be at risk if you don't meet the repayments.

When taking out a secured loan you will need to provide a variety of details such as your income, outgoings, and employment status. The lender will also need to other details such as the value of your home and details of your outstanding mortgage and any other loans secured on the property, as the amount that you can borrow is based on the amount of equity in your home.

As with all loans you should always compare interest rates, borrowing levels and other criteria before you sign up to make sure that your getting the deal thats right for you.