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Tim LeonardMany or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotions’. However it doesn’t influence our reviews or ratings. Our opinions are our own. Read more on our methodology, ratings and what our use of the word ‘Best’ means.
A secured loan may be worth considering if you need to borrow a larger loan amount or you’re finding it difficult to get a personal loan, perhaps because you have issues with your credit rating or are self-employed. You may find it easier to borrow more or get approved because with a secured loan you’ll need to use an asset that you own as security for the loan. This will typically be your home, and is why secured loans are often also called second charge mortgages or homeowner loans.
The crucial thing to remember with a secured loan is that you could lose your property if you fail to keep up with your repayments – it’s also why we’d strongly recommend seeking financial advice before you proceed.
Understanding all there is to know about secured loans is therefore essential to working out whether a secured loan is the right choice for you. It’s also where our roundup of some of the best secured loan providers can help as you begin your search. Our star ratings are based on our expert assessment of the features that secured loan borrowers have told us are most important to them when looking for a secured loan.
Compare Secured Loans with Norton Finance
NerdWallet has partnered with Norton Finance. Get a quote without affecting your credit score. Compare top providers, including:
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a loan or any other debt secured on it. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. This secured loans comparison and quote service is presented via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.
Editor’s Picks
Secured Loans |
Editors Pick |
Maximum LTV |
Available amounts |
Available Terms |
|
|---|---|---|---|---|---|
Pepper Money Secured Loan |
Overall
|
100%
|
£5,000 to £1,000,000
|
3 to 30 years
|
|
Central Trust Secured Loan |
Customer support
|
80%
|
£10,000 to £250,000
|
3 to 25 years
|
*These secured loan providers are part of a panel of lenders available via a comparison and quote service provided via our partnership with Norton Finance. Data provided is submitted directly to Norton Finance. Nerdwallet Ltd does not form part of the service beyond this introduction.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments. If you are thinking of consolidating existing borrowings, you should be aware that you may be extending the term of the debt, therefore increasing the total amount you repay.
Important information about Editor’s Picks
The Editor’s Picks listed above are based on NerdWallet’s editorial team’s analysis of only the secured loans reviewed by us, and is not a whole of market view. The team has assessed a number secured loan providers to evaluate which brands offer standout features that may be important to you.
The Editor’s Picks exclude any assessment of a lender’s rates, fees, or product suitability, which must always be a priority when considering a secured loan. Always consider other mortgages and obtaining professional qualified advice.
Editor’s Picks are our own opinion and don’t constitute advice, recommendation or suitability for your financial circumstances. They are editorially independent of any relationship NerdWallet has with partners who may compensate us.
Best Secured Loan Providers
This selection of secured loans is from 11 lenders that NerdWallet evaluated and reviewed, but others are available in the UK market. Find out what we mean when we say ‘best’ and why we are comfortable using it, with an in-depth explanation of how NerdWallet star ratings work in our review and ratings methodology.
| Lender | NerdWallet Star Rating |
|---|---|
| Pepper Money |  |
| Norton Home Loans |  |
| Central Trust | |
| United Trust Bank | |
| Tandem | |
| Selina |  |
| West One | |
| Spring Finance |  |
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
Important information: Neither our review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Promotion
Pepper Money Secured Loan
-
Available Terms3 to 30 years
-
Available amounts£5,000 to £1,000,000
-
Maximum LTV100%
-
Rate OptionsFixed and Variable
- Minimum property value of £75,000
- Available to self-employed, employed, contractor income applicants
- Property must be in the UK and already have a first charge mortgage secured against it
- The loan must be secured on your primary residential address
Pros:
- Fixed, variable and discounted rates are available.
- You can borrow up to 100% of equity.
- There is a low minimum loan amount.
- You can select from a wide range of loan terms.
Cons:
- Borrowing 100% of the value of your home comes with increased risk to a borrower.
- Pepper Money does not offer email replies as part of its customer support.
Promotion
Norton Home Loans Secured Loan
-
Available Terms1 to 25 years
-
Available amounts£3,000 to £250,000
-
Maximum LTV80%
-
Rate OptionsFixed and Variable
- Minimum credit score of 300 is required
- Term not to extend past 85th birthday of customer
- Must not have been bankrupt or subject to a Debt Relief Order within the last 3 years
Pros:
- Fixed and variable rate options are available.
- It offers low minimum loan amounts.
- You can select short repayment terms starting from one year.
Cons:
- You can find longer maximum loan terms offered by some other secured loan lenders.
- Larger loan amounts are available elsewhere.
Promotion
Central Trust Secured Loan
-
Available Terms3 to 25 years
-
Available amounts£10,000 to £250,000
-
Maximum LTV80%
-
Rate OptionsFixed and Variable
- Lending available in England, Wales, Scotland and Northern Ireland (Northern Ireland capped at 70% LTV)
- Employed, self-employed and contractors are eligible to apply
- Minimum time employed 3 months, Minimum 12 months self-employment history
Pros:
- Fixed and variable rate options are available.
- You can apply direct or through a broker.
- Central Trust offers email, phone and live chat customer support with an adviser.
Cons:
- Its maximum repayment term is shorter than most other secured loan lenders.
- The range of loan amounts on offer is fairly narrow.
- You can find higher LTVs elsewhere.
Promotion
United Trust Bank Secured Loan
-
Available Terms3 to 30 years
-
Available amounts£10,000 to £500,000
-
Maximum LTV85%
-
Rate OptionsFixed and Variable
- 12-month minimum mortgage history required
- Must be located in England, Wales or Mainland Scotland
- Minimum property value of £90,000, referral if under
Pros:
- Fixed and tracker rate options are available.
- There is a high maximum loan amount.
- There is a wide range of loan terms to choose from.
- United Trust Bank offers email and phone customer support.
Cons:
- There is a high minimum loan size.
- You can find higher LTVs available elsewhere.
Promotion
Tandem Secured Loan
-
Available Terms2 to 25 years
-
Available amounts£5,000 to £250,000
-
Maximum LTV95%
-
Rate OptionsFixed and Variable
- Must be at least 18 years old and a UK resident
Pros:
- Fixed and variable rate options are available.
- You can borrow up to 95% of equity.
- There is a low minimum loan amount.
- It offers short repayment terms starting from two years.
Cons:
- Tandem’s eligibility criteria is not clearly stated on its website.
- Some other secured loan lenders may offer larger loan amounts.
- You can find longer repayment terms elsewhere.
Promotion
Selina Finance Secured Loan
-
Available Terms5 to 30 years
-
Available amounts£10,000 to £1,000,000
-
Maximum LTV85%
-
Rate OptionsFixed and Variable
- Minimum property value of £100,000
- Must be a permanent UK resident with at least 3 years of address history
- Must have a personal income of at least: £22,500 per year for individual applications, £30,000 per year for joint applications
- Must have a good credit history. Each applicant must individually meet our credit history requirements
Pros:
- Fixed and variable rate options are available.
- There is a high maximum loan amount.
- You can select longer repayment terms of up to 30 years.
Cons:
- You can find shorter minimum loan terms elsewhere.
- Smaller loans are available through some other secured loan lenders.
- Higher LTVs are available elsewhere.
Promotion
West One Secured Loan
-
Available Terms3 to 30 years
-
Available amounts£10,000 to £500,000
-
Maximum LTV75%
-
Rate OptionsFixed and Variable
- Must be at least 21 years old, with the loan term ending by age 85
- For self-employed applicants a minimum trading history of 2 years is required
- For employed applicants a minimum of 3 months employment and not in a probationary period acceptable
- Retired applicants must be able to meet the minimum income threshold from private pension sources
- Minimum property value of £100,000
Pros:
- Fixed and variable rate options are available.
- You can select from a wide range of loan terms.
- It offers large loan amounts.
Cons:
- Higher LTVs are offered by some other secured loan lenders.
Promotion
Spring Finance Secured Loan
-
Available Terms3 to 30 years
-
Available amounts£10,000 to £200,000
-
Maximum LTV80%
-
Rate OptionsFixed and Variable
- Must be based in England, Wales and mainland Scotland only
- 3 months employment history required
- Minimum gross annual household income of £18,000 – £15,000 must be earned from employment and/or private pensions
- Minimum property value of £100,000
Pros:
- Fixed and variable rate options are available.
- You can select from a wide range of loan terms.
Cons:
- Larger loan amounts are offered by other lenders.
- You can find higher LTVs available elsewhere.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the secured loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of secured loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since.
What is a secured loan?
A secured loan allows you to borrow funds secured against an asset, which is used as collateral or security for the loan. The asset, which is typically your home, can give lenders confidence that they will get their money back, and may help you to access larger loan amounts or improve your chances of being accepted for a loan.
However, if you fail to keep up with secured loan repayments, the lender has the right to force the sale of your property in order to cover the repayment of your debt, meaning you could lose your home.
There are other types of secured loan that may allow you to borrow against other high-value assets, such as your car and jewellery, but the focus of this guide is loans secured against property only.
» MORE: Secured loans explained
How do secured loans work?
A secured loan typically works in a similar way to most other loans. You will borrow a lump sum and then repay it, plus interest and fees, in regular monthly instalments until the debt is cleared.
The crucial point to remember is that your property is being used as collateral or security for the loan. Keep up with your repayments and this shouldn’t pose a problem. However, if you fall behind on repayments, the lender could start repossession proceedings on your home to get its money back.
How much can I borrow with a secured loan?
You may be able to borrow more through a secured loan than you can with an unsecured loan – also known as a personal loan. This is because lenders know they can repossess your property if you fall behind on payments, helping to reduce the risk to them of lending larger amounts. Some lenders are willing to offer secured loans for up to £1 million.
The amount you can actually borrow will depend on several factors, including:
- the equity in your house
- your regular income and outgoings
- any debt you may have outstanding
- your credit score
- the reason for wanting the loan
- the lender’s specific eligibility criteria
Each lender has a maximum loan-to-value (LTV) they are willing to lend. If this is 90% LTV, for example, it means the most you can borrow as a secured loan is 90% of your home’s value, including your existing mortgage.
How much you’re able to afford to repay each month will always be an important consideration when a lender is deciding on the size of the loan it is willing to offer.
What is the interest rate on a secured loan?
The secured loan interest rates you’ll pay will depend on the lender, as well as a range of other factors, including:
- the amount you want to borrow
- the value of the asset you’re using as security for the loan
- the length of the loan term
- your credit score and overall financial situation
Secured loan interest rates can sometimes be lower than interest rates on unsecured loans, because the asset you put forward as security for the loan minimises the risk for the lender.
Can you get fixed-rate secured loans?
Secured loans can come with fixed or variable interest rates. With a fixed rate, you will be charged the same rate of interest for a limited period, or the entire term of the loan. When within a fixed interest period your monthly repayments should stay the same.
However, with a variable interest rate, the interest you are charged can change during the term of the loan, meaning your repayments have the potential to rise and fall too.
Is a secured loan right for me?
A secured loan may be worth exploring if you need to borrow a large sum of money, perhaps to help cover the cost of home improvements or to buy a car. You may also find it easier to get a secured loan if a bad credit score means you’re finding it difficult to get a personal loan.
Sometimes secured loans can also be useful for debt consolidation, where you bring a number of loans together to make them more manageable. Depending on the interest rate and term of the new loan, it could also reduce your monthly payments though you may end up paying more in interest overall if you pay back what you owe over a longer term.
However, whatever the reason for taking a secured loan, because your property is put at risk with a secured loan, you must be confident that you can afford to repay it in full. If an unsecured loan can meet your requirements, this may be a less risky alternative to go for as your property isn’t directly at risk of repossession.
You should always weigh up all the potential risks and think about how much you can afford to borrow before deciding to apply for any kind of loan. And it’s almost always a good idea to talk to a financial adviser before taking out any loan secured against your property.
» MORE: Should you take out a loan against your house?
What do you need to qualify for a secured loan?
To be eligible for a secured loan, you will need to be a homeowner and have a certain amount of equity in your home. You will also need to satisfy the other secured loan eligibility criteria of a lender, which will typically relate to your age, employment and income. There may also be a minimum property value requirement that you need to meet.
Although it’s possible to get a secured loan with bad credit, your credit score and status will still be important, and may prevent you from qualifying for a loan from certain lenders. Always check the criteria set by a lender before applying for a secured loan to see if it’s likely you are eligible.
Are secured loans easier to get than unsecured loans?
In some ways, secured loans can be easier to get than an unsecured loan.
Having the security of the property gives lenders more reassurance that they will be able to get their money back, potentially making them more willing to offer a loan if you’d otherwise be considered a riskier proposition. This may include if you have a lower credit score.
Unsecured loans, on the other hand, don’t require you to put forward security. This means the lender carries more risk on its shoulders, which could, in turn, make it more difficult for certain borrowers to get a loan.
How fast can I get a secured loan?
It will take longer to get a secured loan than an unsecured loan because of the extra information and legal requirements lenders have around the property you’re providing as security. For these reasons, and to allow lenders to perform all the necessary checks, it’s possible for secured loan applications to take several weeks to process.
How are secured loans different from unsecured loans?
Probably the biggest difference between secured and unsecured loans is the higher risk that a secured loan poses to a borrower. With a secured loan, you need to put up an asset, your home, as security for the loan, which the lender can repossess if you fail to keep up with your repayments. By contrast, there is no requirement to put forward an asset as security for an unsecured personal loan, which means your property isn’t at direct risk of being lost if you don’t repay the loan.
The legal implications of providing such an important asset as security means applying for a secured loan can be more complicated, take longer and cost more too. You’ll need to own a home in the first place as well, which isn’t the case with an unsecured loan.
On the other hand, it’s often possible to secure a larger loan with a secured loan, and interest rates tend to be lower than with an unsecured loan, because the lender is taking on less risk and may offer longer repayment periods too. Secured loans may also be easier to obtain than an unsecured loan if you have a less favourable credit history.
| SECURED LOANS | UNSECURED LOANS |
|---|---|
| The loan is secured against a high-value asset, typically your house. | These loans don’t require any collateral. |
| You may be able to borrow larger amounts over longer periods. | Loan amounts are typically smaller and terms are typically shorter than on secured loans. |
| It may be easier for someone with a poorer credit score to access. | Someone with a poor credit score may struggle to access unsecured loans, or they may face higher interest rates if they are accepted. |
| Interest rates can be lower compared to unsecured loans. | Without any security, interest rates can be higher compared to secured loans. |
Pros and cons of secured loans
It’s always vital to weigh up the benefits and potential drawbacks of secured loans before you apply.
Advantages of secured loans
- They typically offer access to large sums.
- You can usually select to have longer to repay the loan.
- Interest rates may be lower than for unsecured loans.
- They may be easier to be approved for than other types of loan.
Cons of secured loans
- You risk losing your home if you default on your repayments.
- They are only available if you have enough equity in your property.
- A longer repayment term usually means paying more interest overall.
- Arrangement and legal fees may be expensive.
- Interest rates can be variable, meaning your repayments could change.
What to consider before applying for a secured loan
Secured loans are a major commitment and can be risky, so it’s important to think carefully about whether it’s the right step for you.
A secured loan can affect your ability to remortgage and potentially leave you with fewer remortgage options. And there are differences between using a secured and unsecured loan for debt consolidation.
But most importantly, you need to appreciate the fact your property is at risk if you don’t make your loan repayments. If it’s possible to get an unsecured loan instead, your home won’t be at direct risk. It’s usually possible to check whether you’re eligible for an unsecured loan without affecting your credit score.
You should also think carefully about the loan amount you need and the length of time over which you want to pay your loan back. A longer repayment period can mean lower monthly repayments but higher interest rate costs over the duration of your loan.
To help you compare the cost of secured loans, you can look at the annual percentage rate of charge (APRC). This percentage tells you how much a loan could cost over the course of a year, taking into account interest and fees, although you should bear in mind that the rate you receive may be higher or lower than the advertised figure.
Finally, always take the time to compare secured loan lenders to make sure you find the option that is best suited to you.
Do secured loans affect your credit score?
Some lenders allow you to check your eligibility for a secured loan without it affecting your credit score – this will be done by conducting a soft search of your credit.
However, if you subsequently proceed with a formal application for a secured loan, there will be a hard check of your credit history to see how you have managed your finances in the past. This credit check could temporarily affect your score.
If you make your secured loan repayments on time and pay off the loan in full, your credit score could improve. However, this will also depend on how well you manage your other credit responsibilities.
If you miss one or more payments of a secured loan, the lender may report this to credit reference agencies, which is likely to negatively affect your credit score.
What credit score is needed for a secured loan?
There is no specific credit score that will guarantee you’ll be able to get a secured loan. Having a higher credit score may improve your chances of approval, but lenders will have different criteria to decide whether to offer you a loan.
Lenders will also consider the value of the asset you put forward as security and your wider financial situation when making their decision.
Equally, having a lower credit score won’t necessarily prevent you from accessing a secured loan. In fact, you may find it easier to get a secured loan with a poorer credit score than an unsecured loan, as lenders have the security to fall back on if you fail to make repayments.
Can I get a secured loan with bad credit?
It may be possible to get a secured loan with bad credit, but this will depend on the lender and its individual criteria.
If you have a poor credit score you may find it easier to be accepted for a secured loan and access lower interest rates than with an unsecured loan, as the property put forward as collateral helps to balance out the risk for the lender. The lender has the reassurance that it can repossess your property should you fail to repay the loan in full.
However, just because you can get a secured loan with bad credit, it doesn’t automatically mean it will be the right option for you. Always consider the risks involved and the potential alternatives, such as personal loans, that could meet your requirements.
» MORE: Secured loans for bad credit
How to find and compare secured loans
If you decide a secured loan is the right option for you, the next step is to compare secured loan providers. Some lenders will only accept secured loan applications through a broker, while others may allow you to apply directly yourself.
It’s worth noting that brokers may have access to different lenders and loan options that you can’t access yourself. Brokers are also usually best-placed to help people find the right kind of secured loan for their situation. Always make sure you fully understand any broker fees that will be charged for this service .
How to apply for a secured loan
To apply for a secured loan, you will need to provide certain details, including:
- your name, address, contact and personal details
- Your income and employment status
- financial information, such as your income, financial commitments, spending habits and debts
- information about your property, including its value and the equity built up
As with any other loan, lenders will also run a credit check as part of the application process.
They will use this information about your credit history and your finances to help them make a decision on whether to approve your application and, if accepted, what interest rate to offer.
It’s important to check that you meet the eligibility criteria set by the lender before applying. You should only apply if you’re certain a secured loan is the right choice for you and are comfortable with the possible risks involved.
Depending on the lender, you may need to apply through a broker or you may have the option of applying direct.
Alternatives to a secured loan
There are a number of alternatives to secured loans that could be less risky, cheaper, or both, depending upon your situation:
- Remortgaging: If you have enough equity in your property, you may want to consider borrowing more on your existing mortgage and remortgaging to release equity that you have in your home.
- Guarantor loan: Rather than using your property as security, with a guarantor loan you’ll usually need a relative who is willing to act as a guarantor and step in to repay the loan if you don’t.
- Personal loans: If you need a comparatively small loan and don’t want to put your property at direct risk, personal loans are unsecured, meaning they can be taken out without having to put forward an asset as security.
» MORE: Find the best personal loans
How to manage a secured loan
When you have a secured loan, it’s vital to repay it on time, otherwise you risk losing your property to the lender. If you don’t think you’ll be able to make a repayment, it’s best to talk to your lender straight away.
Also bear in mind that if your loan has a variable rate of interest, your monthly payments could change. This makes it essential to have leeway in your budget in case interest rates rise and your repayments increase.
What happens if I default on a secured loan?
Defaulting on a secured loan could have serious consequences, including the loss of your home. If you think you’re going to miss any payments or you’ve already missed one, you should contact the lender immediately to see if you can negotiate a new repayment plan.
If you are struggling with repayments, you could also contact a debt advice charity, such as Citizens Advice or StepChange, to get some help with your situation.
If you can’t come to an arrangement and you continue to miss payments, the lender is entitled to repossess your property. This is typically a last resort after the lender has tried all other ways to get you to repay the loan, but is a real risk nonetheless.
Bear in mind that missing payments can also affect your credit score.
» MORE: What is a default notice?
Can I pay off a secured loan early?
If you are in a position to do so, you may want to think about paying off your secured loan early. However, be aware that there could be an early repayment charge for doing so.
You should check the terms of your loan agreement or contact your lender to find out how much you can repay early and if there are any charges involved.
Best secured loans methodology
NerdWallet has evaluated and reviewed 11 secured loan lenders in the UK.
We considered 20 data points for each loan, based on the criteria that matter most to customers, scoring them on loan features, flexibility, application process and availability of customer support, among other factors. This information was gathered from each lender’s website, company representatives and independent financial product analyst Defaqto. In addition, we regularly add new brands and our editorial team reviews them against the same criteria for consistency and accuracy.
Using the same data across all products and features, we were able to create star ratings, presented on a scale of one to five stars, where a one-star score represents ‘poor’ and a five-star score represents ‘excellent’.
Important information: Neither our review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Always check and compare a lender’s rates against others on the market when considering a secured loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Think carefully about securing debt on your home. Your home may be repossessed if you do not keep up repayments.
Late repayments can cause you serious money problems.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Debt charity information
If you are struggling with debt, seek advice from one of these debt advice services:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
FAQs about secured loans in the UK
A secured loan may be a suitable option if you need to borrow a larger sum of money over a longer period of time, or bad credit means you’re finding it difficult to get an unsecured personal loan. The main thing to consider is that you risk losing your property if you fail to keep up with your repayments.
It may be possible to get a secured loan for anywhere between £3,000 and £1 million, though this could vary depending on the equity you have in your home, how much you can afford to repay each month and your credit rating.
Review methodology
At NerdWallet Ltd UK, we base our reviews and ‘Best of’ pages’ on the results of surveys we undertook about what was important to people that use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means ‘our best’, and is based only on what products we have aligned to our surveys and which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best of’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may include lenders’ rates. This additional information has not been included in our star rating or evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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