• How Much Can I Borrow?
• How Much: Secured Loan?
• How Much: Unsecured Loan?
• How Much: Remortgage?
• How Much: Payday Loan?
• How Much: First Time Buyer?

Loan Calculator
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Interest Rate (APR):	5% 5.2% 5.4% 5.6% 5.8% 6% 6.2% 6.4% 6.6% 6.8% 7% 7.2% 7.4% 7.6% 7.8% 8% 8.2% 8.4% 8.6% 8.8% 9% 9.2% 9.4% 9.6% 9.8% 10% 10.2% 10.4% 10.6% 10.8% 11% 11.2% 11.4% 11.6% 11.8% 12% 12.2% 12.4% 12.6% 12.8% 13% 13.2% 13.4% 13.6% 13.8% 14% 14.2% 14.4% 14.6% 14.8% 15%
Monthly Payment:

How Much Can I Borrow With a Secured Loan?

A secured loan allows homeowners the opportunity to borrow large amounts of money. This extra finance can be used to pay off current debts, pay for improvements to your home, or even let you buy a second holiday home.

Do I have to own a house to get a secured loan?

To be eligible for a secured loan, you need to be paying a mortgage on a property. This property will be used as collateral against the money you loan. This provides the lender with a safety net if you default on repayments. If you own your property outright, you will have to apply for a mortgage or an unsecured loan if you want to borrow money.

How much can I borrow with a secured loan?

This is very variable and depends on many factors. Normally you can borrow between £5000 and up to £250,000 with an secured loan, however it will depend on the equity within your house, as to how much you will be offered. The equity is determined by deducting your outstanding mortgage balance from the current value of your home. There is also a Loan to Value (LTV) percentage that is calculated from this to determine what they will loan you. For some lenders this can be as much as a 125% LTV, whilst most will not lend more than 90% LTV to a homeowner with good credit or usually 80% if you have a bad credit history.

So if your home is valued at £200,000 and your mortgage balance stands at £70,000 then the equity tied up in your property is £140,000. A lender with a maximum LTV rule of 90% with good credit is likely to offer you a maximum of £126,000.

Why would I apply for a secured loan rather than an unsecured loan?

There are a few benefits you can gain by taking out a secured loan as opposed to an unsecured one. Primarily you have the potential to borrow a much larger sum of money, up to £250,000 providing the value of your house is worth more. Lenders like the fact they have some security, they are more likely to give you the lowest interest rate possible which can work out much more economical. You also have the choice to repay over a much longer term. Between 5 and 25 years is common, the larger the loan, the longer the repayment term, but there are lenders now that can offer secured loans over 30 or 40 years.

What else can I use a secured loan to pay for?

Anything you want. Most people find a loan is useful for debt consolidation or financing home improvements, however you could use the money to purchase a second family car, that motorbike you always wanted or a caravan to go travelling in. Some people will use it to fund plastic surgery to increase their self confidence or pay for their children's school fees. Loans are also useful for those unexpected bills such as emergency repairs on your car, house or even your pets vet bill.

Is a secured loan a good way to consolidate my debts?

You may find by getting a secured loan, you could end up paying a much lower rate of interest on any existing debts and loans you already have. Essentially this could help you pay the debt off earlier, or provide you with more manageable monthly repayments. So if you are struggling to keep up with your repayments or find loan repayments swallow up your disposable income each month, a secured homeowners loan could be the best type of loan for you.

The Advantages of a Secured Loan

You are able to borrow larger amounts of money. Because you are securing the loan with an asset (your home), the lender will be more willing to loan bigger sums of money. You will also get a lower interest rate on the loans and be given the opportunity to repay it over a longer period of time.

The Disadvantages of a Secured Loan

It can take 4 - 6 weeks to get a secured loan approved, as more paperwork is involved such as a valuation on your property. Your home is at risk of repossession if you fail to keep up with your repayments. If you do find you are struggling to repay or you have missed one payment or more, it is important to contact your lender for further advice.