Spring Finance homeowner loans

Spring Finance specialises in providing second-charge mortgages to customers who may be unable to borrow from traditional high street lenders because of a bad credit history.

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Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.

With the current increased popularity of second-charge mortgages, we take a look at Spring Finance and see if it lives up to its mantra of providing second-charge mortgages to those “who are unable to obtain finance from traditional high street lenders.”

Who is Spring Finance?

Established in 2011, Spring Finance offers long term second charge loans of £10,000 to £200,000 to UK homeowners with repayment terms of up to 25 years.

Since former Masthaven CEO Andrew Bloom acquired a large majority stake in the provider back in 2021, Spring Finance has ramped up its expansion with the hiring of several ex-Masthaven Bank bridging loans experts, including their previous head of business development, Jim Baker. In 2022, this expansion continued with Spring Finance entering the bridging and development finance market, now offering both regulated and unregulated loans on a first and second charge basis.

Compare Spring loans

Table: sorted by overall cost for comparison (representative APRC)
Product Maximum LTV Loan amounts Loan terms Overall cost for comparison
Spring logo
65%
£10,000 to £200,000
3 to 25 years
10.9% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
11.3% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
11.3% APRC
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
11.3% APRC
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
11.6% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
11.7% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
11.7% APRC
Check eligibility More info
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
11.7% APRC
Check eligibility More info
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
12% APRC
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
12% APRC
Check eligibility More info
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Spring logo
75%
£10,000 to £100,000
3 to 25 years
12% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
12.1% APRC
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
12.1% APRC
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Spring logo
75%
£10,000 to £100,000
3 to 25 years
12.2% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
12.3% APRC
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
12.3% APRC
Check eligibility More info
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Spring logo
75%
£10,000 to £100,000
3 to 25 years
12.4% APRC
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Spring logo
70%
£10,000 to £150,000
3 to 25 years
12.5% APRC
Check eligibility More info
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Spring logo
65%
£10,000 to £200,000
3 to 25 years
12.6% APRC
Check eligibility More info
Compare product selection
Spring logo
75%
£10,000 to £100,000
3 to 25 years
12.7% APRC
Check eligibility More info
Compare product selection
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Showing 20 of 88 results
Overall representative example
If you borrow £43,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of £505.18 per month and a total amount payable of £96,994.56. This includes the net loan, interest of £49,404.56, a broker fee of £3,995 and a lender fee of £595. The overall cost for comparison is 12.7% APRC variable.

What is a second-charge mortgage?

Like your existing (first-charge) mortgage, a second-charge mortgage is a type of loan that is secured against your home or property. This means that if you don’t keep up repayments your property will be at risk.

Spring Finance offers second-charge mortgages on both residential homes and buy-to-let investment properties.

Key features of Spring personal loans

  • Spread your loan over 3 to 25 years. Keep in mind that longer terms help keep monthly repayments down, but also push up the overall cost.
  • Borrow £10,000 to £200,000. The amount you can borrow will depend on factors like your credit score and affordability. Spring Finance will lend up to 80% of the value of your property.
  • Poor credit histories considered. You may be accepted for a loan if your credit score is less than perfect. You will, however, have to prove you can afford the repayments.
  • Available to self-employed. Spring Finance states that it will consider your application if you’re self-employed.

Pros and cons of Spring Finance personal loans

Pros

  • Loans available from £10,000 to £200,000
  • Poor credit histories considered
  • Loans are secured on both owner-occupied and buy-to-let properties

Cons

  • Applications accepted through brokers where there could be a broker fee of up to 15%.
  • Your property must have an existing first charge mortgage in place, unencumbered homes will not be considered.
  • There is an upper age limit of 70 years old.

Am I eligible for a Spring Finance secured loan?

You should only apply for a secured loan if you’re certain you can meet the repayment terms. You must also meet the following criteria:

  • Be aged 18–70.
  • Live in the UK.

How do I apply?

Spring Finance doesn’t provide loans directly to consumers, but accepts applications through brokers. You can click on a “get quote” button above. After filling out your contact information and details about your property value and mortgage, an advisor will contact you to discuss your application and suggest the best loan for you.

Overview of Spring Finance homeowner loans

Loan amounts From £10,000 to £200,000
Age From 18 to 75 years
Term From 3 to 25 years
Maximum LTV Up to 80%
Representative APRC Up to 17.7%
Lender fee from £1250

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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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Written by

Publisher

Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio

Emily's expertise
Emily has written 119 Finder guides across topics including:
  • Loans & credit cards
  • Building credit

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