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Secured Loans: Loans offered by alternative specialists

Do you need to unlock funds and maximise the value of your assets? Our mortgage brokers can help you access specialist secured loan providers tailored to your needs, enabling you to leverage property or other valuable assets with great efficiency and effectiveness.

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We can find the best secured loan for your needs

A secured loan is a highly effective way to unlock funding, whether this be for consolidating debt, financing home improvements or seizing a new opportunity that has come your way. That being said – a secured loan has specific requirements, interest rates and repayment terms that vary depending on the status of your credit score, loan amount and asset value.

When the Bank Says No are expert mortgage brokers who are here to guide you every step of the way, utilising our network of specialist, not-ordinarily-accessible lenders, we can get a secured loan that meets your needs, helps you with the application process, and inform you of the ins, outs, advantages and implications of a secured loan in its entirety.

Helping you access the funds you require

Finding yourself unable to generate or move funds due to assets being tied up is a frustrating endeavour. However, the existence of those assets opens up an opportunity – secured loans. With a secured loan, you can move forward with your financial plans by unlocking the value of your property, or other assets in question. That being said, there is some complexity surrounding interest rates and monthly repayments.

From the application process, to the costs of a secured loan, to loan term options and monthly repayment plans, our mortgage advisors are here to help. We will outline every caveat and nuance of the loan securement process, giving you a clear picture of your potential interest rate, loan to value ratio, and repayment terms. Trust in our market insights and contact us today.

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Turning Your Financial Hurdles Into Opportunities

Many of our clients approach us knowing how it feels to have exhausted all options, with no lenders willing to give you a shot, but when they meet with us, they find that there are alternative options that they couldn’t possibly have known about. This is because we work with lenders who work on a commission basis, and are unable to be found on the mainstream markets.

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Secured Loans FAQs

What is a secured loan?

Secured loans work through pledging the loan against a valuable asset, such as a property or car. This means that the loan is taken out with the understanding that failing to pay the loan means that you risk losing the asset pledged against it. This lowers the risk for loan lenders substantially, and this type of loan is often used for larger financial needs, like debt consolidation, home improvements etc.

What is an unsecured loan?

The difference between a secured and unsecured loan is the lack of collateral. The borrower does not need to pledge an asset, and therefore, the lender relies far more on the credit score and income to determine whether or not the borrower will be able to pay back the loan.

Unsecured loans come in various forms:

Personal loans
Credit cards
Student loans
Lines of credit
Debt consolidation loans
Payday loans
Overdrafts

You’re far more likely to get a secured loan if you have bad credit than an unsecured loan.

What assets can I pledge against a secured loan?

The following are examples of assets that are often used as security in a secured loan:

Real estate – Primary residences, investment properties, land etc.
Vehicles – Cars, motorcycles, boats or other valuable vehicles.
Savings accounts or cash deposits – Some lenders allow using savings or term deposits as collateral.
Investments – Stocks, bonds or other financial assets.
Valuable property – Jewellery, art, collectibles (often for specialty loans)
Business assets – Assets such as equipment, machinery or inventory.

Can I repay my secured loan early?

Yes, typically, you can repay a secured loan early. However, early repayment charges may be levied against you. This is because loan lenders make money by charging interest over the course of the monthly repayments.

What is the process for applying for a secured loan via a mortgage broker?

Ideally, the process of applying for a secured loan is as follows:

Initial consultation – The initial discussion will revolve around your loan requirements, financial goals, and the assets you have available to be used in a secured loan. We will review your financial background, including your credit score, history, income level and existing mortgage/debts. This step is important, as it forms the basis of our joint strategy toward getting you the secured loan that you need.
Eligibility assessment – We will perform an eligibility check with the information gathered, such as:
- Credit score
- Income
- Current mortgage
- Loan-to-value ratio
Loan comparison and selection – Based on eligibility, we will find secured loan products from various specialist lenders. We will then sit with you and compare secured loans we’ve gathered, walking you through them to find the best product for you.
Application submission – We will then begin the application process, assisting you with doing a lot of the heavy lifting. This is part of why using a mortgage broker is great and efficient – we know the ins and outs of the application submission process and how best to present them.
Asset valuation – We conduct a valuation of the assets being used as collateral in the secured loan. How extensive the valuation is depends on what asset we’re talking about. For example, if we’re talking about an entire property, we may need to involve an independent appraisal. Once approved, the lender will set out specific terms.
Final offer and agreement – After approval, the lender will issue a formal loan detailing terms. Once satisfied, you can sign the loan and officially accept the terms.
Funds disbursement – Upon signing the agreement, the lender will arrange for the funds to be disbursed directly to your account. Loan repayments will typically start the following month.

Can I get a secured loan if I already have an existing mortgage?

Yes, you can get secured loans if you have an existing mortgage. They are called second charge mortgages, and they use equity in your property as collateral without affecting the primary mortgage. Whether or not you qualify depends largely on the equity you have, as well as typical checks, such as credit history.

How does debt consolidation work with secured loans?

Consolidation with secured loans involve using loan funds to pay off multiple existing debts – such as credit card balances, personal loans or other unsecured loans. It works by replacing these debts into a single debt secured against a valuable asset. This not only simplifies debt management, but also can result in lower interest rates, due to the multiple debts becoming a single monthly payment instead of multiple with varying interest rates.

What are the most common uses for secured loans?

The following are the most common uses for secured loans:

Home improvements – Many borrowers use their secured loans to purchase renovations, remodelling, extensions etc. to further increase their home’s value, or enhance their living space.
Consolidation – Secured loans are used to consolidate high-interest debts like credit cards, or a personal loan. Combining multiple debts into one loan can enable lower monthly repayments and interest rates.
Major purchases – Borrowers may use secured loans for large purchases, such as buying a new car outright, a boat, or other high-value items.
Business investments – Some individuals use secured loans to fund business ventures, such as for start-up costs, equipment or expansions.
Education expenses – Not as common due to more mainstream ability, but some use secured loans to cover the expenses of education and skill generation – especially if they need a significant sum and want to lower interest rates.
Emergency expenses – Secured loans provide quick access to cash for costs that may be otherwise unexpected. These can be anything from medical bills to urgent house repairs, and secured loans cost less in terms of interest rates.
Investment in property or second home – Secured loans can also be used for property investments, especially for buy-to-let properties or holiday homes. How much equity you have determines how successful this will be.

How can I use my home equity in a secured loan, and what are the potential benefits?

You can use your home’s equity in a secured loan by taking out a home equity loan or a second charge mortgage.

Here is how it works:

Equity calculation – A home equity loan allows a person to borrow against the value of their home, minus any existing mortgage balance. How much you’ve paid off equals how much equity you have. If your home is valued at £300,000 and you owe £100,000, for example, then you have £200,000 in equity. Lenders may allow you to borrow money proportionate to that equity, often up to 75-85%.
Collateral requirement – If you’re unable to repay the loan, the lender has the right to repossess the property to recover funds.

The potential benefits

The following are a list of benefits:

Access to a larger loan amount – Because the loan is secured against your home, you will likely qualify for a larger amount than with unsecured loans. This makes it ideal for significant expenses such as home improvements.
Lower interest rates – Secured loans generally offer lower interest rates than unsecured loans, as lenders consider them far less risky. This can make monthly repayments that much more affordable.
Longer repayment period – Home loans often come with extended repayment periods, ranging from between 5 and 25 years, reducing monthly payments – but possibly increasing your interest rate.
Consolidation – A loan secured against your home can streamline all your payments into one payment plan, reducing interest rates and increasing cash flow.
Increase home value – Borrowing against your home’s equity for the purposes of funding renovations or home improvements can increase the property’s market value, so long as it targets attractive traits, such as improved energy efficiency or expansions to space.
Tax benefits – In some regions, interest paid on a home equity loan can be tax-deductible, such as in cases of home improvements.

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