Secured Loans 2017-12-24T16:03:51+00:00

Secured Loans

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  • Low broker fees
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Cheap Secured Loans

Our team of expert secured loan advisors are on hand to secure you the lowest rates in the market for all your second charge mortgage needs. Whether you’re looking to compare secured loans instantly and apply online, or talk through your needs with an experienced broker, we have got you covered. Our job doesn’t end when the product is selected, we work with you throughout the whole process and don’t stop until your loan is in your bank.

Whether you’re looking to compare secured loans instantly and apply online, or talk through your needs with an experienced broker, we have got you covered. Our job doesn’t end when the product is selected, we work with you throughout the whole process and don’t stop until your loan is in your bank.

Secured loans are often referred to as homeowner loans, or second charge mortgages. They enable you to borrow money, using your home as security for the debt.

Secured loans are only available to homeowners and usually allow borrowing between £10,000-£500,000. The exact loan amount offered will depend on your personal circumstances.

We offer secured loans from a wide panel of lenders and whatever your circumstances, we always look to secure you the best possible deal. On top of finding you the best deal, our low, fixed broker fee helps you save even more money.

  • Residential or commercial
  • Debt refinance
  • Property investment
  • Home improvements
  • Adverse credit accepted
  • High loan to values
  • Interest only or repayment
  • Market leading rates
  • Flexible borrowing terms
  • No upfront fees
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What You Should Consider When Taking Out A Secured Loan

There are a number is things to consider before taking out a secured loan. Some of the main ones are: –

  • Which sort of interest rate you are looking to take – this is a major point as interest rates can vary by significant amounts. Understanding the difference between fixed and variable interest rates is important before signing up to a product. When working out your available budget, consider whether you could afford interest rate rises. If not, you may want to consider a fixed rate, even if you must pay a small premium for it.
  • How long are you looking to borrow the money for? Many second charge mortgages have early repayment charges. This means that to pay off the loan early, you must pay an additional charge, or ‘penalty’. If you’re looking to repay the loan within the first few years of taking it out, consider looking only at loans with no early repayment charges.
  • Finally, and potentially most importantly, is the loan affordable? The consequences of failing to keep up the monthly repayments can be severe. As the loan is secured on your home, it is vital that you only consider borrowing money that you are confident that you can afford the repayments on, both now and in the future.

Finding The Right Secured Loan For You

There are thousands of secured loans out there and the difference between products can be significant. When looking to take out a new homeowner loan, it’s important that you find the best deal, as the cost of choosing poorly can run into the thousands.

The two main methods of ensuring you find the best deal are either talking through your needs with a broker. They will then check with their panel of lenders and offer you their best deal. Although they may be offering the best deal, be wary of broker fees, as they can add up to 12.5% in fees on top of the loan.

Secondly, using a comparison tool online, you can find the best deal yourself and apply online. Although the application is online, the details are usually passed to a broker to complete the application.

Most comparison sites usually receive a commission for completed applications and work with who will pay the most. this usually leads to high broker fees.

We offer both an online product comparison and direct access to our team of secured loan experts. We handle the whole process ourselves, meaning you don’t have to worry about us passing on your details to third parties.

In addition, we only charge a flat fee of £995 on completion. When compared to a fee of 12.5% (as offered through some companies), on a loan of £40,000, this would save you £4,005!

Secured Loans For Bad Credit

Secured loans are often a good option for you if you’ve suffered adverse credit. It’s often easier to qualify for a second charge mortgage compared to other types of loan if you’ve got a poor credit history.

Often, second charge mortgages are your best option as you can achieve much lower interest rates. In addition, the chances of being accepted are far higher than they would be for an unsecured loan.

Comparing the total cost of credit and whether you are happy to borrow against your home are important steps before borrowing. Our expert advisors are there to talk you through each step of the process and ensure you end up with the most suitable product.

Understanding Secured Loan Monthly Repayments

Taking out a secured loan can reduce monthly outgoings when consolidating debts. Although this is a real positive for many, the total cost of borrowing should always be considered when taking out a new loan. See our example below. It highlights how changing the term of borrowing to reduce monthly repayments, has a knock-on effect on total interest: –

£10,000 Loan At 3.9%

Interest Cost
5 years£183.71£11,022.60£1,022.60
10 years£100.77£12,092.40£2,092.40
15 years£73.47£13,224.60£3,224.60
20 years£60.07£14,416.80£4,416.80

Secured Loan Broker Fees

Broker fees are a big issue in the second charge mortgage market, with lots of brokers charging 10% broker fees (£4,000 on a £40,000 loan). Some are even charging as high as 12.5% (£5,000 on a £40,000 loan).

At ABC Finance Ltd, we pride ourselves on never charging unfair fees to our clients. As such, we charge a flat broker fee of £995, with no hidden application fees.

Enquire now to talk through your needs with one of our experts, or call us on 01922 620008. Alternatively, compare secured loans here to find the lowest rates and apply online.

Fixed & Variable
market leading rates

Adverse Credit
can be accepted

Interest Only
as well as repayment

Expert Advice
with no upfront fees

Secured loan using property

Case Study: Secured Loans

Our client was looking to purchase a buy to let investment property but was unable to fund the deposit needed to do so. They owned an existing buy to let property but did not want to remortgage it as the interest rate was so low and there were large penalties for early repayment. They used a secured loan from ABC Finance Ltd to raise the required deposit from the property, allowing them to complete their purchase.