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Secured loan calculator

To use our free secured loans calculator, enter your property’s equity to unlock competitive rates and preferable loan terms.

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By

Emily Herring

Updated

Fact checked
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Updated regularly
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
Together Secured Loan BTL
Together Secured Loan BTL
65%
£50,000 to £250,000
4 to 30 years
9.9% APRC
Not available for requested amount/term
Check eligibility
View details
Selina Advance (HELOC)
Selina Selina FlexiLoan
75%
£25,000 to £1,000,000
5 to 25 years
9.9% APRC
£607.63
(£80,206.53 overall)
Check eligibility
View details
Pepper Money Prime Rate Secured Loan
Pepper Money Prime Rate Secured Loan
65%
£7,500 to £75,000
3 to 30 years
9.9% APRC
£556.53
(£73,461.37 overall)
Check eligibility
View details
United Trust Bank Ltd Secured Loan
United Trust Bank Ltd Secured Loan
80%
£10,000 to £500,000
3 to 30 years
9.8% APRC
£606.41
(£80,046.57 overall)
Check eligibility
View details
Shawbrook Fixed Secured Loan
Shawbrook Fixed Secured Loan
85%
£10,000 to £150,000
3 to 25 years
7.9% APRC
£533.95
(£70,481.53 overall)
Check eligibility
View details
Clearly Loans Exclusive High LTV Secured Loan
Clearly Loans Exclusive High LTV Secured Loan
85%
£5,000 to £60,000
4 to 20 years
23.5% APRC
£886.2
(£116,978.04 overall)
Check eligibility
View details
Equifinance Standard Secured Loan
Equifinance Standard Secured Loan
100%
£10,000 to £35,000
3 to 25 years
21.8% APRC
Not available for requested amount/term
Check eligibility
View details
Evolution Premier Range Tier 2
Evolution Premier Range Tier 2
95%
£35,000 to £40,000
3 to 20 years
20.8% APRC
Not available for requested amount/term
Check eligibility
View details
Spring Secured Loan - 5yr fixed Core
Spring Secured Loan - 5yr fixed Core
80%
£5,000 to £75,000
3 to 25 years
16.4% APRC
£712.75
(£94,083.57 overall)
Check eligibility
View details
Norton Standard Secured Loan
Norton Standard Secured Loan
75%
£3,000 to £55,000
1 to 25 years
15.5% APRC
£687.23
(£90,713.94 overall)
Check eligibility
View details
Loan Logics Fast Track Secured Loan
Loan Logics Fast Track Secured Loan
75%
£5,000 to £60,000
1 to 25 years
15.1% APRC
£676.5
(£89,297.43 overall)
Check eligibility
View details
United Trust Bank Ltd Secured Loan
United Trust Bank Ltd Secured Loan
70%
£10,000 to £500,000
5 to 30 years
9.3% APRC
£589.4
(£77,800.17 overall)
Check eligibility
View details
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Overall representative example
If you borrowed £46,000 over a 15-year term at 8.40% p.a. (variable), you would make 180 monthly payments of £499.13 and pay £89,843.40 overall, which includes interest of £38,853.40, a broker fee of £3,995 and a lender fee of £995. The overall cost for comparison is 10.7% APRC representative.

What is a secured loan?

Also known as a homeowner loan or a second-charge mortgage, a secured loan uses the equity in your home as collateral, which usually allows you to borrow larger amounts at more competitive rates or preferable loan terms.

The personal asset you choose to secure your loan against doesn’t necessarily have to be your property, but more often than not, this is the case. Some other possible assets include a car, a boat, fine art or future paycheques. As long as your collateral holds enough equity to cover your loan amount, it could be accepted by the lender.

However, as you are using your own assets as security, these could be repossessed if you do not keep on top of your loan repayments.

Eligibility criteria for a secured loan

To apply for a secured loan, you will usually need to own enough equity in your property to cover the amount you are borrowing.

You will also need to meet the following criteria to qualify for any loan product in the UK:

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

The lender you choose to borrow from might have additional eligibility requirements, make sure you read and understand these completely before you apply, as this could affect your credit score.

How do secured loans work?

Secured loans work by you putting up collateral against the money you are borrowing.

For example, if you want to borrow £15,000 for a new bespoke kitchen, the asset you are using as security, e.g. your home, will need to be worth at least £15,000 in equity.

If you do not repay your loan or you break your loan agreement, you risk the repossession of your home.

How long does it take to get a second-charge mortgage?

You can usually expect a little bit more admin when applying for a secured loan compared to an unsecured loan, as the lender will have to verify the value of your property and if you have any other borrowing secured against it. But. unlike regular mortgages, a second-charge mortgage usually takes less time.

Pros and cons of homeowner loans

  • Putting up collateral means that you could borrow larger sums with more favourable loan terms.
  • You could have access to better loan rates.
  • People with less than perfect credit scores are more likely to be accepted compared to other loans.
  • As you have to put up security against your loan, borrowing comes with a higher risk if you default on repayments.
  • Usually comes with fees attached.
  • Can take longer than other forms of borrowing.
  • You could be hit with fees if you decide to repay your loan early or faster.

FAQs

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

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