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What is a Secured Loan?

If you need to borrow a large amount of money and want to avoid paying sky-high interest, then you should consider securing your loan against your property. By taking out a secured loan, you are putting up your property as collateral, and the lender will take possession of it should you default on your payments.

Getting the best Secured Loans

How much do Secured Loans cost?

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 and Second Mortgages

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.

Keep up your payments

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.

ME Expert Ltd is not authorised to provide advice and are introducing you to a regulated firm with whom we are not under a contractual obligation to conduct mortgage or general insurance mediation business with exclusively. You should ensure you provide any potential insurer with your full details and ensure that you are eligible to make a claim(s) in relation to the cover offered. ME Expert Ltd will receive a small payment for certain general insurance introductions which will not normally exceed £35. ME Expert Ltd does not give advice on or recommend any particular insurance product or service or whether it is suitable for your personal circumstances. The information provided is to help you to make your own choice about how to proceed.