Secured Loans

What is a Secured Loan?

A secured loan, sometimes referred to as a “homeowner loan”, is where the debt is linked to and secured against an asset that you own, usually the borrower’s property. These are often used to borrow large amounts of money, usually over £10,000 however anything from £5,000 and above is available to borrow.

With secured loans, the amount you can borrow, the duration of the loan and the interest rate you are offered is all depending on personal circumstances and the value of “free equity” in the property/asset the loan is being secured on. The free equity is the difference between the value of the asset and the amount owed on the asset.

The interest rates and fees associated will depend on the client’s circumstances and reason for the additional borrowing.

The term “secured” simply refers to the fact that the lender will require something as security for payment, just in case the loan cannot be paid back. In a sense, this acts as a guarantee for the lender that the loan will be repaid either way and can be considered as a major risk for those who have taken it out.

We suggest speaking to one of our advisors in more detail to see if a secured loan is the right option for you.


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