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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.

£
years
£
£
Name Product Maximum LTV Loan amounts Loan terms Overall cost for comparison Repayments
United Trust Bank Ltd 1st Charge BTL Limited
65%
£50,000 to £1,500,000
3 to 30 years
6.6% APRC
Not available for requested amount/term
Pepper Money Prime Rate Secured Loan
60%
£7,500 to £350,000
3 to 30 years
7.4% APRC
£536.11
(£70,766.49 overall)
Together SPECIALIST BTL 1ST CHARGE
75%
£30,000 to £2,500,000
4 to 30 years
8.3% APRC
£568.11
(£74,990.12 overall)
Selina Selina FlexiLoan
60%
£25,000 to £1,000,000
5 to 25 years
8.9% APRC
£582.84
(£76,934.95 overall)
Equifinance Adverse Secured Loan
70%
£10,000 to £250,000
3 to 25 years
11% APRC
£624.46
(£82,428.09 overall)
Evolution Premier Ranger Tier 1
75%
£35,000 to £100,000
3 to 20 years
11.7% APRC
£622.75
(£82,202.52 overall)
Spring Secured Loan - 3yr fixed Prestige
60%
£5,000 to £200,000
3 to 25 years
11.9% APRC
£643.36
(£84,923.52 overall)
Loan Logics Fast Track Secured Loan
60%
£5,000 to £50,000
1 to 25 years
14.4% APRC
£658.97
(£86,983.79 overall)
United Trust Bank Ltd 1st Charge BTL Limited
70%
£50,000 to £1,000,000
3 to 30 years
6.6% APRC
Not available for requested amount/term
United Trust Bank Ltd 1st Charge BTL Standard
75%
£50,000 to £1,000,000
3 to 30 years
7.5% APRC
Not available for requested amount/term
United Trust Bank Ltd 1st Charge BTL Limited
65%
£50,000 to £1,500,000
3 to 30 years
7.6% APRC
Not available for requested amount/term
United Trust Bank Ltd 1st Charge BTL Standard
70%
£50,000 to £1,000,000
3 to 30 years
7.6% APRC
Not available for requested amount/term
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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 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.

More guides on Finder

  • How to get a £200,000 loan

    If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.

  • How to get a £150,000 loan

    If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.

  • How to get a £100,000 loan

    If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.

  • Secured debt consolidation loans

    A secured loan can help you consolidate your existing debt by offering lower rates and more flexible loan terms.

  • Short term secured loans

    Short term secured loans let you borrow up to £2.5 million with more competitive rates but also help keep your overall interest costs down.

  • Fast secured loans

    Find out how fast you can get approved for a secured loan, and compare a range of secured loan quotes now.

  • Compare secured home improvement loans April 2024

    A secured loan can help fund any home improvements you have planned. See how it works here.

  • Secured loans with bad credit

    A secured loan lets you use the equity in your house as collateral against the loan, even if you have bad credit. See how it works in our guide.

  • How to get a £50,000 personal loan

    If you’re considering applying for a £50,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.

  • How to get a £40,000 loan with the best rate

    Looking for a great deal on a £40,000 personal loan. We explore all your options and explain how to find the best one.

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