Secured Loans

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Second charge mortgages from 5.1% APRC. Second charge mortgage representative example (if you choose to add fees to the loan). Assumed borrowing of £29,000 over 139 months, plus a broker fee of £2,850 and lender fee of £367.50 would result in monthly repayments of £406.28, the borrowing rate is 8.6%, the APRC is 11.3% (variable), total charge for credit would be £24,254.73 and the total amount payable would be £56,472.23. Freedom Finance is a leading credit broker and not a lender. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

What to know about secured loans

Why you might want a secured loan

Large purchases

Often, a secured loan is used to fund a large purchase, such as a home improvement project. As the loan is secured against an asset, usually your property, you can be eligible to borrow larger sums of money through a secured loan.

A secured loan is often used for things like:

  • Debt consolidation
  • Home improvements
  • Buying additional properties
  • Purchasing the freehold on a property

Who can get a secured loan?

To be eligible for a secured loan, you’ll usually need to be a homeowner. This is because the lender will require something of value to secure your loan against.

However, simply owning a property doesn’t automatically make you eligible for a secured loan. Lenders will also look at your affordability. So, if you have little or no equity in your home, this could count against you when checking your eligibility for a secured loan.

Things to think about

Before you commit to taking out a secured loan, you need to think carefully and be sure you can afford it. This is because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it. Ensure you make an informed choice and take some time to consider your options.

To learn more about securing loans against your property, read our secured loans guide.

What to keep in mind when borrowing money

When you take out a loan, you need to be comfortable that you can afford the monthly repayments for the entire loan term. Try to factor in any possible changes in circumstance that may prevent you from making your repayments.

If you do get into financial difficulty, talk to your lender straight away.

You can also get free, impartial advice from the Money Advice Service.

Why do you need a secured loan?

No matter if you’re looking to consolidate your debts or start a home improvement project, a secured loan could give you the funds you need to get your plans moving.

To help you decide whether this type of loan is right for you, we’ve put together a few guides on how you can use a secured loan. We offer secured loans from £10,000 to £2,000,000 over terms from 1 to 30 years.

Baffle-free guides to borrowing


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