How to get a secured loan

A secured loan lets you access the equity you have in your house to get a loan. See what you'll need to do to get a secured loan, and compare quotes.


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  • Loans from £1,000 to £2,500,000
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

What is a secured loan?

Also called a homeowner loan, a secured loan is a type of personal loan that lets you use the equity you have in your home as collateral against it. By using your home equity as collateral, you reduce the risk for the lender, meaning it will be more likely to approve you for a loan, and will also generally offer you better rates and terms than a regular personal loan.

If you fail to repay your loan, the lender can then seize the equity you have in your house. In certain situations, the lender may also take out a court order forcing you to sell your home so that it can recoup the cost of the loan.

Am I eligible for a secured loan?

To be eligible for a secured loan, you’ll need to own enough equity in your house to cover the cost of the loan. For example, if you wish to borrow £10,000, you’ll need to have at least £10,000 of equity in your house to use as security against the loan amount.

As with any other loan product in the UK, you’ll also need to meet the following criteria to be eligible for a secured loan:

  • Be at least 18 years old
  • Be a UK resident

How to apply for a secured loan

If you’re looking to get a secured loan, you’ll first need to ensure you have enough equity in your home to cover the amount of money you want to borrow. Once you’ve confirmed that this is the case, you can apply for a secured loan by following these steps:

  1. Compare a range of lenders. When looking for a secured loan, make sure you compare a number of providers and loans to find the one that best suits your needs. Always confirm that a certain loan will let you borrow as much as you need and that it offers a competitive interest rate. You may also want to consider if a lender offers additional repayment options, such as the ability to pay off the loan early.
  2. Check your eligibility. Once you’ve chosen a secured loan, make sure you meet the lender’s specific eligibility criteria.
  3. Apply for the loan. Depending on the lender, you can generally apply for a secured loan online or by phone. You’ll need to provide certain personal details and financial information as part of your application.
  4. Wait for the lender’s checks. Once you’ve applied for a secured loan, the lender will need to check your credit history and verify the ownership of your property, as well as its market value. This process generally takes a couple of weeks.
  5. Sign the loan paperwork. Once you’re approved for a loan, the lender will send any relevant documents you’ll need to sign. Once you’ve done so, the lender will transfer the funds to you.

How does the valuation process work?

When considering your secured loan application, the lender will want to confirm that you do in fact own the right amount of equity in your house, as well as the overall ownership situation. Just as importantly, the lender will want to make sure that the equity you’ve listed on your application has the correct market value.

To do this, the lender will often appoint a surveyor to inspect the property and determine its value based on factors like its location, condition and quality, as well as current market conditions. This valuation may not match up with your own valuation of the property, or indeed the amount you paid to purchase the house.

Frequently asked questions

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