Applying for a secured homeowner loan is easy. Simply complete the quick enquiry form below and we will pass your details onto loan specialist loanable.co.uk who will search over 400 loans with exclusive rates for homeowners.
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A Secured Homeowner Loan, often referred to as secured loans or 2nd charge mortgages, allows you to borrow large sums of money – typically more than £10,000 – using your home as collateral. Therefore, if you don’t keep up with the regular payments, the lender can take possession of your home and sell it to recoup their losses.
The amount you are eligible to borrow, the duration of the loan, and the interest rate you are offered will depend on your circumstances, as well as the amount of ‘free’ equity you have in your home. ‘Free’ equity is the difference between the value of your home and the amount left to pay on your mortgage if you have one. The interest can be variable or fixed depending on the type of loan you choose.
Representative Example for Secured Loans: If you borrow £18,000 over 10 years, initially on a fixed rate for 5 years at 7.4% and for the remaining 5 years on the Lender’s standard variable rate of 7.9%, you would make 60 monthly payments of £249.27 and 60 monthly payments of £254.63. The total amount of credit is £19,657 (this includes a Lender Fee of £595 and a Broker Fee of £1,062). The total repayable would be £30,234.00. The overall cost for comparison is 10.42% APRC representative. This means 51% or more of our clients receives this rate or better for this type of product. We have arranged borrowing with rates from 4.9% to 29% APRC which has allowed us to help customers with a range of credit profiles. Loanable are a broker not a lender.
Secured Loans have a minimum term of 36 months to a maximum term of 360 months. Maximum APRC charged 29%. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.