Secured Loans

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What is a secured loan?

Secured loans allow you to borrow money using your home as security or collateral. The lender can then sell your property if you fail to keep up repayments as a way of getting their money back.

Secured loans are a common option for people who need a larger, long term loan (over 5 years).  They allow you to borrow more money at a lower interest rate because they are secured against your home.

How does a secured loan work?

Like other types of loan, a secured loan has set monthly repayments to pay back what you owe plus any interest. Interest rates can be fixed or variable depending on the loan you have chosen.

What is the difference between a secured loan and an unsecured loan?

An unsecured or personal loan is not attached to your home or any other asset. The lack of any collateral for lenders to claim if repayments cannot be made means these loans are considered high risk for the lender. For that reason lenders normally require a good credit score to reassure the lender before they approve the loan.

Similar to a secured loan there are certain payment terms agreed including an interest rate and the repayment term.

What are the advantages of a secured loan?

A secured loan may allow you to borrow larger amounts. Personal loans will only let you borrow up to £25,000 but a secured loan can go as high as £500,000.

The repayment term can be longer which makes monthly repayments more affordable. Compared to a personal loan which has to be paid within 7 years a secured loan can be paid over 25 years.

If you have poor credit a secured loan can be easier to get approved because using your property as collateral lowers the risk for the lender.

Speak To An Expert

Total Home Loans are a national mortgage broker with whole of market access. Their combined experience of over 50 years in the mortgage and financial services industry means they have an enviable reputation and one which makes them well-placed to find the most suitable mortgage solution for you.

Can I pay a secured loan early?

Most secured loans will allow you to pay them off early but there may be a fee, usually around 1-3 months of interest. Your lender would be able to calculate your early settlement total on request.

If you were to move house, because the secured loan uses your property as collateral you would be expected to pay off the loan amount.

What should I think about before applying?

Interest rates

You should always factor in the possibility that rates can rise. Most secured loans are a variable rate.

Advertised interest may not be the rate you are offered, the rate will depend on the amount you want to borrow, for how long, your credit score and the value of your home.

Your financial situation

A secured loan is a long term commitment so you need to think carefully about what you can afford to repay. Review your current finances and think about how they may change in the future to ensure you can comfortably cover the costs.

Loan to value ratio

The loan to value (LTV) is the ratio of the value of your home and the amount of mortgage you currently have shown as a percentage. When you apply for a secured loan the lender will look at how much equity you have in your property.

This information gives the lender a good idea of how much they could recover if they had to sell your home. The more equity you have, the more you will be able to borrow.

What are the disadvantages of a secured loan?

If you cannot keep up your payments a secured loan comes with significant risk. The lender can repossess your home to recover the debt.

Secured loans are normally for longer terms which means you pay smaller monthly repayments but over time you will pay more interest.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Kevin Franklin

May 31, 2022


Very professional company. I’m 63 Years old and was having trouble sorting any kind of mortgage but Mark from Total Home Loans saved the day. please do not hesitate to contact them first as I wasted a lot of time hunting around for others.

Well done Mark and the team, the number 1 company.

Lolita Cooksley

May 16, 2022


Very professional fast efficient service and really caring and genuine people to deal with. They have helped us with our mortgage twice and been great both times.

We wouldn’t hesitate to use them again in future.

Karin Salmons

May 16, 2022


Thanks to Total Home Loans and their patience, care and understanding, along with their skill and kindness, my partner and myself are now home owners something I never thought would happen,

Please even if you think it’s not something you can achieve give Total Home Loans a call they will work for you.

Again thank you all at Total Homes Loans.

Arfan Ramzan

May 5, 2022


Great service, I tried so many brokers but no one could help but Total Home Loans were the only ones who found me a lender. It was really hard to find someone, I went to 8 brokers all found online with there so called promising words trying to bring customers in still no good for me but Total Home Loans got the job done, excellent service, will recommend 💯💯💯 and there was no fee till all applications was complete unlike some brokers.

Steve Greenfield

May 4, 2022


Very happy with my experience with Total Home Loans. Very professional company, were always quick to reply and action whatever was needed.

Will definitely be back! I’ve already recommended them to a friend and they had the same positive experience that I had.


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