Optimum Credit

Optimum Credit secured loans

Optimum Credit Ltd provides second-charge mortgages of £7,500 - £1,000,000 for homeowners in England, Wales and Scotland.

3.3★★★★★ (45 reviews)Write a review
Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.1% APRC
(£64,093.12 overall)
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.7% APRC
(£66,297.1 overall)
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
5.9% APRC
(£66,945.18 overall)
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
7.4% APRC
(£72,035.4 overall)
Optimum Credit Prime Rate Secured Loan
£7,500 to £200,000
3 to 30 years
(£74,199.8 overall)

Compare up to 4 providers

Overall representative example
If you borrowed £34,000 over a 15-year term at 8.26% p.a. (variable), you would make 180 monthly payments of £370.70 and pay £66,726.00 overall, which includes interest of £28,531.00, a broker fee of £3,400.00 and a lender fee of £795.00. The overall cost for comparison is 10.8% APRC representative.

Who is Optimum Credit?

Since its launch in June 2014, Optimum Credit Limited has advanced funds of over £400 million to homeowners in the UK. Based in Cardiff, it offers a range of variable, fixed and discounted second-charge mortgages to suit your circumstances.

Whether you’re improving your home or consolidating debt, Optimum Credit could help with a homeowner loan. Complete a callback form online at the Optimum Credit website to receive a call from one of its specialist mortgage advisors.

If you’re approved for a homeowner loan directly with Optimum Credit, it will act as a direct lender, not a broker.

What types of loans does Optimum Credit offer?

Optimum Credit offer secured homeowner loans, specifically in the form of second-charge mortgages.

Second-charge mortgages are available to homeowners who already have a (first-charge) mortgage. Just like your existing mortgage, this type of credit is secured against your property. Many second-charge mortgages are taken out when a homeowner wants to re-organise their finances, such as consolidating debt into more manageable monthly payments.

You should be aware that when consolidating existing credit, this may result in you extending the repayment term of your debt and could increase the total amount you repay. Consider this option carefully before you apply to ensure that it is right for your circumstances.

What are the key features of an Optimum Credit loan?

Optimum Credit provides second-charge mortgages to homeowners. This is a type of loan that is secured against your property.

  • Borrow £7,500 to £1,000,000. Optimum Credit Ltd will lend up to 100% of the value of your home, less the outstanding mortgage.
  • Repay over 3 to 30 years. Your repayment term will depend on your individual needs and circumstances.
  • Fixed, discounted or variable rates. Interest rates can be fixed for terms of between 2 and 5 years, and discounts may be available for 12 or 24 months. The rate you are offered will depend on your individual circumstances.
  • Security. Your home will be used as security on your loan. Missing repayments will put your home at risk, so always ensure that you can afford the loan you are asking for before you apply.
  • Flexible repayments. Optimum Credit allows you to either reduce the term of your second-charge mortgage or reduce your monthly repayments, whichever suits your circumstances best. You may be charged a fee if you settle your loan early in full.
  • Set-up fees. Optimum Credit may charge you a fee for taking out a second-charge mortgage. If it requires your home to be valued before making a decision, you will be asked to pay for this.

What are the pros and cons of Optimum Credit loans?


  • Access higher borrowing amounts than with unsecured loans
  • Interest rates are typically lower than with personal loans
  • Make overpayments at any time to reduce future monthly repayments
  • Keep your first charge mortgage in place at its current rate


  • The loan is secured against your property, so if you fail to make repayments on the loan there is a risk that you could lose your home
  • Repayment periods on secured loans are longer, which means you may end up paying more interest in total over the entire term of the loan
  • Early repayment charges may be incurred if you decide to repay the total amount early

What could I use an Optimum Credit loan for?

Ultimately, a secured loan can be spent on anything you like, so long as it is used for a legal purpose. As secured loans typically allow you to borrow larger amounts than unsecured loans, they’re most commonly used to finance life’s larger expenses, such as home improvement projects or cosmetic surgery.

Secured loans can also be used as a way of consolidating any existing loan or credit card debt into one monthly repayment. However it’s important to note that the loan is secured against your property, so there is a real risk that you could lose your home if you’re unable to keep up with repayments.

Here are a few examples of how you can use secured loans:

  • Funding a home improvement project, such as a home extension
  • Consolidating existing debts into a single monthly repayment
  • Financing a wedding or honeymoon
  • Paying for a cosmetic surgery procedure
  • Covering the costs of a child’s education, including university fees
  • Purchasing a new car
  • Funding a holiday or cruise

Am I eligible for an Optimum Credit homeowner loan?

You should only apply for an Optimum Credit homeowner loan if you are certain you can meet the repayment terms, and you meet the following criteria:

  • You own your property, with a mortgage. Minimum property values apply depending on the product you choose. If you are a joint property owner, you must become joint borrowers.
  • You are employed or self-employed.
  • You’re borrowing for acceptable purposes. Optimum Credit will lend for most purposes, including consolidating existing debts, home improvements and large ticket purchases such as a new car. Its lending criteria does not allow it to provide funds for transfer of equity, matrimonial settlements, or for business purposes.
  • You have a minimum of £75,000 equity in your home. Optimum Credit can lend up to 100% of your property’s value, less any existing mortgage secured against it. In certain circumstances a valuation may be required on your property. If this is necessary, there may be additional costs to you to cover this.

How do I apply for an Optimum credit secured loan?

  1. Fill out the callback form on the Optimum Credit website with some basic personal and contact details.
  2. A specialist mortgage advisor will call you to discuss your specific requirements before recommending a suitable product.
  3. A credit check will be performed based on the information you have given and you will be given a quick decision.

Can I get an Optimum Credit loan if I am self-employed?

Yes, Optimum Credit can issue secured loans for self-employed applicants. However, you must have been trading for a minimum of three years in order to qualify and you may be required to provide additional documentation in support of your application such as, income tax assessments, an Accounts Certificate and SA302s.

Do Optimum Credit offer payment holidays?

If you are an existing Optimum Credit customer and your income has recently been affected or you are experiencing financial difficulties due to coronavirus, you may be able to apply for a payment holiday or a payment deferral.

Optimum Credit recommend that you contact their team directly at your earliest convenience to discuss the most suitable solution for you.

Optimum Credit customer reviews

On the reviews platform Trustpilot, Optimum Credit has an “Excellent” rating of 4.3 out of 5, based on 25 reviews (updated 21 May, 2021). Some customers praised its customer service and expertise.

Our verdict

Optimum Credit aims to offer homeowner loans which meet your individual circumstances, offering a range of fixed, variable and discounted second charge mortgages with the possibility of releasing up to 100% of your property’s value (less your existing mortgage), plus the option to reduce the term or reduce your monthly repayments. While you may be able to find a lender that offers you a better APR, Optimum Credit may be a good option for those looking to borrow large loan amounts of up to £1,000,000.

Alternatives to second-charge mortgages

A second-charge mortgage is not the only way to access funds that are secured against an asset. You could also consider:

  • Car loans. These secured loans can be for new or used cars. You can find car loans from most banks and credit unions, as well as dealerships and standalone car loan lenders. You can usually repay the loan at any time by returning the car.
  • Lines of credit. If you’re looking to renovate, invest in property, go on a holiday or buy a new car, you can consider this type of loan. Also called a “home equity” loan, it can be drawn on continually based on the equity held in your property. This is a flexible way to access funds, which could suit you if the amount of credit you need is going to change over time.
  • Personal asset secured loans. High-priced assets such as boats, motorbikes and jewellery are accepted by some lenders as a guarantee. Your item or collection of items is valued and then used as security, allowing you to take out the loan you need. You generally won’t find these loans at major banks.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • Invest in bond ETFs

    Find out what Bond ETFs are and how to invest in them.

  • What is a good credit score?

    Find out the difference between a credit score and a credit report, plus the factors that can push your score up and down.

  • Agricultural mortgage

    What you need to know about getting a mortgage if you’re buying or refinancing a farm or farmland, including the factors lenders consider when you apply for one.

  • Mortgage for a pub

    Everything you need to know about taking out a mortgage to buy or refinance a pub. Find out where to get one, how to get the best deal and the factors lenders consider.

  • Mortgage for a hotel

    In-depth guide to taking out a commercial mortgage to buy or refinance a hotel. Find out how to get the best rates, factors lenders consider and what you need to apply.

  • Bridging loan vs commercial mortgage

    Find out if a bridging loan or commercial mortgage would suit you if you’re buying or refinancing commercial property and when a bridging loan can be a better option.

  • How much deposit do I need for a commercial mortgage?

    Find out how much deposit you need if you’re taking out a commercial mortgage, including the factors lenders take into account, and how to get the best deal for you.

  • Limited company loans

    See how to get a business loan as a limited company in the UK, and how much you can borrow.

  • Sole trader loans

    Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.

  • Getting a 5% deposit mortgage under the government’s new guarantee scheme

    Learn more about the new government scheme that allows first-time buyers and home movers to get on the property ladder.

    Go to site