How much do secured loans cost? The interest rate on your secured loan will depend on (a) the loan amount, (b) duration of repayment, (c) your credit score rating, (d) and the equity (value) you own in your home. The more equity you own in the property secured against the loan and the more it exceeds the amount you're borrowing, the cheaper your repayment plan will be.
Secured loans are similar to mortgages, in fact a mortgage is basically just a specific type of secured loan. Taking out a loan secured against your home is very similar to taking out a second mortgage, though the latter will typically come with better interest rates.
With a secured loan, you'll be able to borrow much more, and at a much lower interest rate, than you would with an unsecured personal loan. But you should always be careful and make sure that you keep up with payments as if you do default, your home will be repossessed.
The loan comparison service via this website is provided by MoneyExpert in association with Monevo Limited (Monevo) which is an Appointed Representative of Quint Group Limited (Quint), and is entered on the Financial Services Register under reference number: 723672. Quint is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. Monevo is registered in the UK at Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE and it is licenced by the Information Commissioner's Office, with number Z1498441.
Monevo is a broker, not a lender and it matches a customer's loan application with lenders and brokers from our panel depending on the information provided.