Borrow against your home with confidence
I have worked with Dan on several occasions for both new mortgages and remortgages, and I have consistently been impressed with the professionalism and support he provides. I regularly recommend him to friends and colleagues who are seeking financial advice.
Empowering You to Reach Your Financial Goals
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Your Secured Loan Questions, Answered
A secured loan (sometimes called a second charge mortgage or homeowner loan) lets you borrow money using the equity in your home as security. It sits alongside your existing mortgage rather than replacing it, so your current mortgage deal stays exactly as it is.
Remortgaging replaces your current mortgage with a new, larger one. A secured loan is a separate loan taken out in addition to your mortgage. A secured loan can make sense if you're tied into a competitive rate, would face early repayment charges for leaving your current deal, or wouldn't qualify for a remortgage. We'll compare both options with you so you can see which works out better for your circumstances.
It depends mainly on the equity in your property, your income and outgoings, and your credit history. Lenders look at the combined borrowing against your home (your mortgage plus the secured loan) as a percentage of its value, alongside whether the monthly repayments are affordable for you. We'll give you a realistic idea of what's achievable before any formal application is made.
Common reasons include home improvements and extensions, consolidating existing debts, funding a large one-off purchase, or raising money for business purposes. Whatever the reason, we'll talk through whether borrowing against your home is the most suitable way to fund it.
Often, yes. Because the loan is secured on your property, some specialist lenders are able to consider applicants with missed payments, defaults or CCJs that might be declined elsewhere. The rate you're offered will usually reflect your credit history, so we'll be upfront about what to expect.
Yes. Many lenders accept self-employed applicants, though you'll usually need to provide evidence of your income, such as tax calculations and tax year overviews, or accounts. We'll let you know exactly what's needed for the lenders that suit your situation.
The main risk is that your home is used as security. If you don't keep up repayments, the lender could ultimately take action to repossess your property. Secured loans may also be over a longer term than unsecured borrowing, which can mean paying more interest overall, and early repayment charges may apply.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Combining several debts into one monthly payment can make things easier to manage and may lower your monthly outgoings. However, spreading short-term debts over a longer term can increase the total amount you repay, and those debts become secured against your home. We'll show you the full cost so you can make an informed decision.
Think carefully before securing other debts against your home.
The secured loan lender registers a second charge on your property and will usually notify your existing mortgage lender. Some mortgage lenders require their consent first. We'll take care of this as part of the process, so you don't need to arrange it yourself.
Timescales vary depending on the lender and how quickly valuations and documents can be completed, but secured loans can often be arranged more quickly than a full remortgage. We'll keep you updated at every stage so you know where things stand.
Usually, yes. Some lenders allow overpayments or early settlement without penalty, while others charge an early repayment charge, particularly during an initial fixed-rate period. We'll make sure you understand the terms on any loan before you commit.
No. There is no charge for our advice. Some lenders may charge their own fees, such as an arrangement or valuation fee, and we will always make these clear before you proceed.
Buying, remortgaging or moving home? Speak to an independent mortgage adviser.
Want to protect your family, home or income? We'll help you find the right cover.
Not sure where to start? Get in touch and we'll point you in the right direction.