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Secured Loans UK

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What are Secured Loans?

Secured Loans are loans that are taken as a second charge on your property. Thus you are required to have a mortgage to be able to take out a secured loan. It is also known as a Homeowner's Loan. You're required to use your property as security against the secured loan. If you default on your repayment you could lose your home to the secured loan provider.

The typical amount that you can borrow as a homeowner loan is from £5,000 to £100,000. The UK Secured Loan amount depends on the company you are inquring a free quote from. Repayment for Secured loans are typically from 5 years to a maximum of 25 years.

The criteria that most homeowner securedloan providers look for are:
  • Your age, typically homeowner loan providers require someone who wants a securedloan to be at least 21 years of age.
  • Your income, its very important for the secured homeowner loan provider to access their potential risk for lending you their money, this is why they typically look for clients who has about £10,000 to £20,000 of income annually, *more income is definitely better.
  • Secured Loan provider definitely requires you to be a United Kingdom resident.
  • You have a home(otherwise it won't be called a uk secured homeowner loan, if you don't have a home.)
  • You have a mortgage(typically, its cheaper to get a new mortgage than a secured loan that's why securdloan providers would rather deal with people with a mortgage than someone without one.)
  • Your LTV, also known as Loan-To-Value. Depending on who the secured loan lender is, some companies can lend you up to 90%, 100% or even 125% LTV. LTV is defined as the ratio of the fair market value of a home to the value of the loan that will be financed. Loan-to-value tells the lender if potential losses due to nonpayment may be recouped by selling the asset. Its computed by determining the ratio of your mortgage plus the secured loan you want versus your property's current value.
  • Your loan purpose, many secured home loan lenders find that if an applicant's loan purpose is to consolidate debt or use the proceeds to fund a home improvement, they find that the likelihood of an agreement between the applicant and the lender is much much higher, this has been the trend that they've been seeing and have explicitly concentrated on finding applicants that are looking for this purpose. So if you have this need you're most likely to get your homeowner loan application approved.
  • If it is a joint application, secured loan companies have found that if an applicantion is made by a couple, whether married or co-habitating, the applicant is more likely to make repayments on time thus the loan companies have have an eye on applications that are joint, so if you are applying for a secured loan jointly the likelihood of an approval is also higher.
  • Your Credit, if you have good credit history, with no arrears on your other debts the likelihood of getting a low rate secured loan is better, since uk securedloan companies view this as less risk thus willing to lend you at a lower rate.
Important: Please note that these are observations and not the rule so please read your agreements closely before signing anything. Anyways, we have included a couple of companies that provide homeowner loans, personal loans or unsecured loans, mortgages and remortgages on this site, please browse around and see which companies best suit your needs, we also have a partner that helps applicants look for loans, mortgages and remortgages, please feel free to give them a try and see if the loan product they find if the right one for you.

Looking for US Home Loans Instead?
  • Been wanting to tour europe for quite sometime, or maybe visit asia? A vacation loan from Secured Loans UK is something you can look at.
  • Money for repainting your home is sometimes scarch, use Secured Loans UK to pay for your wall restorations.
  • Ready to replace that old chair, plasma tv or that old broken cabinet? All purpose loans from Secured Loans UK could help you get this problem out of the way.
How can I compare Secured Loans UK?
Disclaimer: All Personal, Secured Loan APRs, features, charges, benefits and other information listed on this page represents only the most recent information available at the time of writing. Every effort is made to keep the site accurate, however we cannot guarantee that the Loan issuer has not increased or decreased one or more of the APRs or fees/charges associated with a loan deal or changed its features, obligations or benefits. Please be sure to read the Secured Loans UK agreement fully and carefully before signing any agreement.


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