Secured Loans – BestCompare

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What is a Secured Loan?

A secured loan is a loan that is secured against your property. These types of loans are also sometimes known as homeowner loans or second charge mortgages.

For people who do not have excellent credit scores, they can be a useful way to borrow significant amounts of money. Many people use secured loans to consolidate debts or to pay for home and garden improvements.

However, it's entirely possible for loans to be taken out for other reasons including things like weddings or vehicle purchases.

Think Carefully

BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

If you are thinking of consolidating existing borrowing, be aware that you could be extending the duration of the debt and increasing the total amount you will repay.

Low Rate Loan

If you borrow £30,000 over 240 months with a fixed rate of 7.00%, you will pay 240 monthly instalments of £271.81.

The total amount payable will be £65,234.40. This figure comprises the loan amount (£30,000), plus interest (£30,189), broker fee (£3,750), and lender fee (£1,295). This will result in an overall cost of 9.49% APRC.

REPRESENTATIVE EXAMPLE

If you borrow £30,000 over 180 months with an interest rate of 9.25%, fixed for 5 years; you will pay £353.53 per month during the initial fixed-rate period of 60 months.

Interest will then switch to a variable rate (currently 9.75%) for the rest of the term, meaning you will pay £363.89 per month. The variable payment shown will differ should the rate change.

The total amount payable will be £64,878.60. This figure comprises the loan amount (£30,000), interest (£30,528.60), broker fee (£3,750), and lender fee (£600). This would result in an overall cost of 12.6% APRC.

Optimise Finance is authorised and regulated by the Financial Conduct Authority as a loan and credit broker. Upon completion, a broker fee of up to 12.5% will be added to secured loans. Secured loans are secured on your property.

All quotations are provided for free and there are no upfront fees.

This website is completely free to use. Our FCA authorised partners pay us an introductory fee only. We do not receive any other payments if you decide to take out a loan.

Get a Secured Loan Quote With Rates As Low As 6.59%

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