{"id":121407,"date":"2018-07-23T11:35:41","date_gmt":"2018-07-23T10:35:41","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=121407"},"modified":"2026-01-14T16:42:57","modified_gmt":"2026-01-14T16:42:57","slug":"secured-loans","status":"publish","type":"page","link":"https:\/\/www.finder.com\/uk\/secured-loans","title":{"rendered":"Compare secured loans"},"content":{"rendered":"
We compare lenders including:<\/div>
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\r\n\"Masthaven\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"Together\"\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"United\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"Equifinance\"\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"Selina\"\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"Pepper\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
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\r\n\"Evolution\"\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n<\/div>\r\n<\/div>
Overall representative example<\/strong>
If you borrow \u00a343,000 over 16 years at a rate of 10.25% variable, you will pay 192 instalments of \u00a3505.18 per month and a total amount payable of \u00a396,994.56. This includes the net loan, interest of \u00a349,404.56, a broker fee of \u00a33,995 and a lender fee of \u00a3595. The overall cost for comparison is 12.7% APRC variable.<\/div><\/article>

Best secured loan rates for May 2026<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nProvider<\/th>\nRepresentative APR<\/th>\n<\/tr>\n<\/thead>\n
1<\/th>\nUnited Trust Bank Ltd<\/td>\n5.3%<\/td>\n<\/tr>\n
2<\/th>\nEquifinance<\/td>\n6.3%<\/td>\n<\/tr>\n
3<\/th>\nSelina<\/td>\n6.7%<\/td>\n<\/tr>\n
4<\/th>\nPepper Money<\/td>\n7.4%<\/td>\n<\/tr>\n
5<\/th>\nTogether<\/td>\n7.6%<\/td>\n<\/tr>\n
6<\/th>\nNorton<\/td>\n8.3%<\/td>\n<\/tr>\n
7<\/th>\nMasthaven Bank<\/td>\n9.1%<\/td>\n<\/tr>\n
8<\/th>\nEvolution<\/td>\n12.5%<\/td>\n<\/tr>\n
9<\/th>\nLoan Logics<\/td>\n14.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>

If you need to borrow money to pay for extensive home renovations or consolidate existing debt, a secured loan could enable you to borrow a larger sum of money over a longer term than an unsecured loan. Here\u2019s how they work.<\/p>

What are secured loans?<\/h3>

Secured loans (also known as homeowner loans or second-charge mortgages) allow you to use the equity in your home as security to borrow money. If you can\u2019t keep up with your loan repayments, the lender could repossess your home and sell it to recoup its money.<\/p>

There\u2019s a little extra admin involved with a secured loan as you\u2019ll need to get your home valued, and the process can take a little longer than it would with an unsecured loan. But you can typically borrow a larger sum (over \u00a310,000) over a longer term (up to 25 years or more), and you\u2019ll benefit from more competitive interest rates.<\/p>

In figures from the Finance and Leasing Association<\/a>, it\u2019s possible to see the post-pandemic trends in homeowners taking out second charge mortgages. Some homeowners may be exploring secured loans at the moment as a way to improve their homes without disrupting their main (first charge) mortgage.<\/p>\n\n\n

Overview of the secured loans we compare<\/h3>\n\n\n\n\n\n\n\n\n\n
Loan amounts<\/th>\nFrom \u00a35,000 to \u00a35,000,000\n<\/td>\n<\/tr>\n
Applicant ages<\/th>\nFrom 18 to 85 years\n<\/td>\n<\/tr>\n
Loan terms<\/th>\nFrom 1 to 40 years\n<\/td>\n<\/tr>\n
Maximum LTV<\/th>\nUp to 110%\n<\/td>\n<\/tr>\n
Representative APRCs<\/th>\n\nFrom 5.3% to 43.4%\n<\/td>\n<\/tr>\n
Lender fee<\/th>\nFrom \u00a30.02\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>

How do secured loans work?<\/h3>

A secured loan lets you borrow a lump sum of money, which you repay, plus interest, in monthly instalments over a set term. However, you\u2019ll also need to offer up a personal asset as collateral. In theory, that could be anything \u2013 a car, a boat, a priceless piece of art, etc. \u2013 but in reality, it\u2019s usually a property (and that\u2019s what we focus on in this guide).<\/p>

If there\u2019s already a mortgage on that property (which, in itself, is probably the most common form of secured lending), then an additional loan against the property has what\u2019s known as a \u201csecond charge\u201d over it. In other words, that lender would be next in line (after the main mortgage provider) to recoup its losses from the property\u2019s sale.<\/p>

Whatever you use as security, it\u2019s crucial you\u2019re aware it could be repossessed if you fall behind on your loan repayments. That\u2019s why you\u2019ll always see the standard \u201cYour home is at risk if you do not keep up repayments\u2026\u201d warning on adverts for loans involving security. <\/p>

How does the valuation process work?<\/h3>

When considering your secured loan application, the lender may want to carry out checks on the property and is likely to request a valuation. This requires a surveyor to visit the property and determine its value based on factors like its location, condition and quality, as well as current market conditions. This valuation might not match up with your own valuation of the property or the amount you paid to purchase the house.<\/p>

Eligibility criteria for a secured loan<\/h3>

To apply for a secured loan, you will usually need to own enough equity in your property to cover the amount you are borrowing. For example, if you wish to borrow \u00a310,000, you\u2019ll need at least \u00a310,000 of equity in your house to use as security against the loan amount. Some lenders require you to have more than this.<\/p>

You will also need to meet the following criteria to qualify for any loan product in the UK:<\/p>