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Secured Loan Calculator

Use our free secured loan calculator for instant results

Read on below or talk to an expert

Secured loan rates

Although we’ve tried to make the calculator as easy as possible to use, knowing what details to input can be tough. Secured loan rates are decided by a number of factors, according to each lenders criteria.

When using the calculator, the simplest way to come up with a relatively accurate figure, without talking to an advisor, is to base the rate on your credit history.

Input the following rate, according to where you see your credit score:-

  • Good – Use an interest rate between 3.9%-4.9%
  • Average – Use an interest rate between 5%-7.5%
  • Poor – Use an interest rate between 7.6%-12%
  • Very Poor – Use an interest rate between 12%-14.9%

These interest rates are only intended as a guide and our second charge mortgage experts will always look to save you money by securing you the lowest possible rates.

Find out how much you can borrow

The amount that you’re able to borrow will depend on the value of your property, the amount of equity you have in it and your annual income. Certain lenders may also allow you to borrow more depending on your credit history.

Our secured loan calculator is designed to allow you to calculate the monthly repayments, enabling you to understand how affordable your loan would be.

Secured loan fees

Almost all lenders charge a lender arrangement fee when a new loan is taken out. The fee charged is usually between £300 and £995.

The fee charged can make a big difference to the overall cost of credit. Checking the fees as well as the interest rate charged is important in finding the best homeowner loan for you.

In addition to the lender arrangement fee, consider valuation fees, broker fees and other charges before committing to a loan.

Interest rate types

Secured loan rates can be either fixed or variable. Fixed rates refer to products where the interest remains the same for a period of time at the start of the loan. Usually, fixed rate periods run for between 2-5 years.

Variable rates, as the name suggests, can go up or down at any time. They can be either linked to a set benchmark, such as the Bank of England Base Rate, or simply variable at the lenders discretion.

Consideration of your ability to keep up repayments should interest rates rise should be made before taking out a second charge loan.

Finding the best secured loan for you

When looking to secure the best homeowner loan rates, we are on hand to help you throughout the process. Our expert advisors can talk you through your situation and find the best products for you. Calculate your monthly costs above, compare rates and apply online, or call us now on 01922 620008.

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